Stock Track | Canaan Inc. Surges 5.11% as Crypto Stocks Rally on Positive Regulation Sentiment

Stock Track

Jan 30, 2025

Canaan Inc. (CAN), a leading provider of crypto mining equipment, saw its stock soar 5.11% in Thursday's intraday trading. This surge came amid a broader rally in crypto-related stocks following comments from Federal Reserve Chair Jerome Powell regarding potential regulation of digital assets.

In his remarks after the Fed's latest policy meeting, Powell stated that banks are "perfectly able to serve crypto customers" as long as they understand and manage the risks involved. He also mentioned that greater regulation of the crypto industry from Congress would be "very constructive."

These comments were viewed positively by investors, sparking a surge in crypto shares overnight. Canaan's stock, which is closely tied to the performance of the crypto market, benefited from this renewed optimism surrounding the potential for clearer regulations and increased adoption of cryptocurrencies.

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