Canaan Inc. (CAN), a Chinese provider of high-performance computing solutions and blockchain servers for Bitcoin mining, saw its stock plummet by 5.47% in the last 24 hours during intraday trading on Thursday.
This significant drop can be attributed to the broader sell-off in the cryptocurrency market, as Bitcoin, the world's largest cryptocurrency, has dropped below $80,000 with a 6.44% decrease in the past 24 hours, marking its lowest level since November 11.
The decline in the crypto market has negatively impacted various crypto-related stocks, with shares of companies like Marathon Digital Holdings, Coinbase, Riot Platforms, and CleanSpark also experiencing losses ranging from 4% to 5%.
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