- The stock price of Canaan Inc (NASDAQ: CAN) fell by over 4% pre-market today. This is why it happened.
The stock price of Canaan Inc (NASDAQ: CAN) fell by over 4% pre-market today. There are no company-specific reports or filings that are associated with the decline so it appears there are external factors at play.
In this case, it appears that the activity in cryptocurrencies is causing the decline. Over the past week, the price of Bitcoin fell about 16% and it fell over 2.5% between 12 AM ET and 5:12 AM ET today. Ethereum and Dogecoin also both fell more than 4% today during the same time.
The drop in cryptocurrencies is being driven by uncertainties over the Federal Reserve inching towards tighter monetary policies at a time while inflation is climbing. Plus there are investor fears being caused by the Omicron variant of COVID-19.
Launched in 2013, Canaan is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. In 2013, the company released and mass-produced its first ASIC Bitcoin mining machine. And in 2018, Canaan released the world’s first 7nm ASIC chip, providing energy-efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan had released the world’s first RISC-V architecture commercial edge AI chip, further harnessing the potential of ASIC technology in the field of high-performance computing and artificial intelligence.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.