Canaan Inc. (CAN), a leading cryptocurrency mining hardware manufacturer, witnessed a 6.22% plunge in its stock price during the pre-market trading session on Monday. This decline was part of a broader selloff in cryptocurrency-related stocks, as traders opted to book profits following President Trump's long-awaited executive order on digital assets.
Over the weekend, President Trump signed an executive order aimed at fostering innovation in the cryptocurrency industry and establishing a regulatory framework for digital assets in the United States. However, the order fell short of confirming the establishment of a Bitcoin reserve, a move that Trump had previously promised on the campaign trail.
As a result, traders and investors who had anticipated more bullish measures from the executive order decided to cash in their gains. This profit-taking activity led to a selloff in various crypto stocks, with Canaan Inc. being among the most affected companies in the pre-market session.
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