RATE Group | Canaan Crashed Almost 40% Amid Falling Bitcoin Price and Market Doubts
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Canaan Crashed Almost 40% Amid Falling Bitcoin Price and Market Doubts

12 Dec Canaan Crashed Almost 40% Amid Falling Bitcoin Price and Market Doubts

Posted at 20:29h in Bitcoin News by

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Canaan Crashed Almost 40% Amid Falling Bitcoin Price and Market Doubts 101
Source: iStock/MicroStockHub

Things are still not looking good for the second largest producer of Bitcoin (BTC) mining equipment, China-based Canaan (CAN), as it shares are searching for news lows after the debut on Nasdaq exchange on November 21, which made this the first mining company that went public on a major stock exchange.

In a few weeks, the price crashed by almost 40%, and at pixel time (18:58 UTC) trades at c. USD 5.6. Trading volume also dropped from USD 4 millions on the first day, to USD 164,000 yesterday.

CAN price chart:

Canaan Crashed Almost 40% Amid Falling Bitcoin Price and Market Doubts 102
Source: Nasdaq

“The market is doubtful whether Canaan Creative can maintain its market position. If the price of BTC continues to drop, its stock price will continue to face pressure,” Jack Yang, Partner at Beijing-based token data and rating agency TokenInsight told Cryptonews.com.

The Bitcoin market has a great affect on company’s stock price, which is a sentiment amplifier for BTC prices in U.S. stocks, he added.

“According to the…

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