Canaan Stock Prices Seriously Drop Despite Bitcoin Rally

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According to data provided by Yahoo, Chinese Bitcoin (BTC) mining equipment maker Canaan stocks have a hard day.

Canaan shares, which experienced a 10% decrease in the last 24 hours, are trading at $ 3.03. With the decrease in the stock, many shareholders are leaving Canaan.

The shares of crypto mining companies tend to be volatile like cryptocurrencies. As the downturn in Canaan continues, the leading crypto asset Bitcoin has risen to $ 9,230 during the day, rising 4.04%.

Canaan had made a 50% reduction in mining equipment in the past months, but despite this huge discount, the company reported a loss of $ 5.6 million in the first quarter. Being the first crypto company to be offered to the public, Canaan is having economically difficult times due to the economic difficulties due to the pandemic and the demand for mining equipment to weaken.

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