Canaan Inc. (CAN), a Chinese provider of high-performance computing solutions and blockchain servers for Bitcoin mining, saw its shares plummet by 5.15% on Thursday during the intraday trading session. This decline comes amid a broader sell-off in the cryptocurrency market, as the initial enthusiasm following Donald Trump's return to the White House seems to be fading.
According to reports, the recent drop in cryptocurrencies like Bitcoin and Ether can be attributed to a combination of factors, including broader economic uncertainty, concerns about Trump tariffs, and the recent hack of the Bybit crypto exchange. While there was initial optimism about a pro-crypto stance from the Trump administration, the market rally that followed his election appears to be losing momentum.
Analysts suggest that the "Trump rally" could be running out of steam, as concerns about economic growth arise due to the announcement of new tariffs and tax cuts. Crypto-related stocks like Canaan Inc. have been negatively impacted by this downturn in the crypto market.
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