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 th...
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.
source https://www.tokentalk.co/The Block/bitcoin-has-been-in-a-rout-but-one-cryptolinked-stock-performs-even-worse-5df83d315b9a244c229edc5f
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