CAN Stock Price Increases Over 19%: Why It Happened

By Amit Chowdhry ● Jun 14, 2021
  • The stock price of Canaan Inc (NASDAQ: CAN) increased by over 19% during intraday trading today. This is why it happened.

The stock price of Canaan Inc (NASDAQ: CAN) increased by over 19% during intraday trading today. Investors are responding positively to the increase in the price of bitcoin.

Canaan is known for engaging in the research, design, and sale of integrated circuit final system products by integrating products for bitcoin mining and related components primarily in China. The increase in bitcoin price was driven by statements by recent statements by Tesla CEO Elon Musk and hedge fund executive Paul Tudor Jones.

In an interview with CNBC, Jones said: “I like bitcoin as a portfolio diversifier. Everybody asks me ‘what should I do with my bitcoin?’ The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities. At this point in time, I don’t know what I want to do with the other 80% until I see what the Fed is going to do.”

And Tesla CEO Elon Musk disclosed that the electric vehicle company will accept bitcoin again when there is confirmation of reasonable clean energy usage by the cryptocurrency miners. Below is the tweet:

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