Canaan Inc., a leading Bitcoin mining hardware manufacturer, saw its stock surge 5.50% in the last 24 hours during Thursday's trading session. The rally was fueled by the rising enthusiasm surrounding Bitcoin and the broader cryptocurrency market.
Bitcoin's price reached a new all-time high of $109,225 early Monday, as investors anticipated a pro-crypto stance from the newly inaugurated President Donald Trump's administration. While Bitcoin pulled back slightly to around $103,842 on Wednesday afternoon, it is still up 11.7% so far this month.
Market analysts are speculating on potential catalysts that could drive Bitcoin even higher, such as the establishment of a U.S. strategic Bitcoin reserve or the approval of exchange-traded funds (ETFs) investing in smaller cryptocurrencies like Solana, XRP, and Dogecoin. The recent formation of a crypto task force at the U.S. Securities and Exchange Commission (SEC) has raised hopes for a more structured and regulated approval pathway for such ETFs, potentially unlocking new capital inflows from institutional and retail investors.
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