CAN Stock Increases Over 17% Intraday: Why It Happened

By Amit Chowdhry ● Jul 26, 2021
  • The stock price of Canaan Inc (NASDAQ: CAN) increased by over 17% during intraday trading. This is why it happened.

The stock price of Canaan Inc (NASDAQ: CAN) increased by over 17% during intraday trading. Investors are responding positively to the prices of cryptocurrencies increasing. Canaan is a bitcoin mining hardware manufacturer based in Hangzhou, China. 

As of 4:45 AM ET today, the prices of bitcoin, ethereum, and dogecoin all increased over 7% over the past 24 hours. Bitcoin hit a new six-week high price of $38,680 as of this morning. 

One of the reasons why the price of bitcoin is increasing is due to rumors that Amazon could begin accepting the cryptocurrency at the end of this year.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.