Shares of Canaan Inc., a leading provider of high-performance computing solutions for the crypto mining industry, surged 5.11% in Tuesday's after-hours trading session. The rally came amid a broader recovery in cryptocurrency-related stocks, driven by a rebound in Bitcoin prices.
Bitcoin, the world's largest digital currency, had initially plunged below $90,000 earlier in the day, marking its lowest level in nearly two months. However, the cryptocurrency regained momentum and climbed back above $94,000, boosting sentiment in the crypto market.
The resurgence in Bitcoin and other digital assets was fueled by reports that the incoming Trump administration plans to sign pro-crypto executive orders on its first day in office. These orders are expected to overturn restrictive regulations like the SEC's controversial SAB 121 guidance, which has hampered crypto adoption by banks and financial institutions.
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