binance-banner.jpg

Bitcoin has been in a rout, but one crypto-linked stock has performed even worse

Bitcoin broke the psychologically important price level of $7,000 a coin during Monday's trade, but one crypto-linked stock has fared even worst than the digital asset.


Shares of Canaan, the crypto mining firm, ended the trading day in the red down more than 10% at $4.65. The Chinese company, which debuted on Nasdaq at the end of November, is a manufacturer of ASIC chips used for bitcoin mining equipment. Canaan is down nearly 50% since its initial public offering, as per CNBC data.


The declines in Canaan show how closely tied crypto-related equities are to the spine-tingly volatile market of digital currencies, which shed more than $6 billion in market capitalization since midnight UTC time. Bitcoin is down nearly 3% over the last 24-hours. Read More...

#BTC