Canaan Inc. (CAN), a leading provider of high-performance computing solutions, saw its stock surge 5.26% in pre-market trading on Friday, January 17th, 2025. The company's shares were buoyed by a broader rally in the cryptocurrency market, fueled by Bitcoin's ascent above the $102,000 mark and expectations of a more crypto-friendly regulatory environment under the incoming Trump administration.
Bitcoin, the world's largest cryptocurrency, has been on a tear in recent weeks, breaking through the $101,000 level for the first time in 10 days. This rally has spilled over into crypto-related stocks, with companies like Canaan, Riot Platforms, MicroStrategy, and Coinbase all seeing substantial gains in pre-market trading.
Adding to the bullish sentiment is the growing anticipation of a new era for cryptocurrency under President-elect Donald Trump. According to reports, Trump plans to designate crypto as a national priority and establish a crypto advisory council to advocate for the industry's policy priorities. Furthermore, the administration's key appointees, including Treasury Secretary nominee Scott Bessent and Commerce Secretary nominee Howard Lutnick, have expressed support for Bitcoin and the broader crypto ecosystem.
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