Canaan Inc. (CAN), a leading cryptocurrency mining hardware manufacturer, saw its stock plunge by 6.67% in pre-market trading on Thursday, as the broader cryptocurrency market experienced a selloff. The company's shares were caught in the downdraft of a decline in Bitcoin prices, which fell below $96,000 during the session.
Bitcoin, the world's largest cryptocurrency by market capitalization, faced renewed selling pressure on Thursday, dropping 2.48% to trade around $95,562. The decline in the flagship digital asset weighed heavily on cryptocurrency-related stocks, as investors grew cautious about the near-term prospects of the sector.
Other prominent crypto stocks also suffered losses in the pre-market session. MicroStrategy (MSTR), a business intelligence firm known for its substantial Bitcoin holdings, saw its shares fall over 4%. MARA Holdings (MARA), a cryptocurrency mining company, experienced a similar decline, with its stock sinking more than 3% in early trading.
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