Canaan Inc. (CAN) moving in tandem with Bitcoin (BTC)

Canaan Inc. (CAN) prices pushed sharply higher in tandem with a rise in the bitcoin. Fresh highs from ‎bitcoin motivate traders to continue scooping up shares of bitcoin miner stocks. ‎

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‎Several other companies with close ties to the cryptocurrency market saw their share prices increasing ‎in extended hour on Wednesday. Riot Blockchain (NASDAQ:RIOT), Marathon Patent Group ‎‎(NASDAQ:MARA), MicroStrategy (NASDAQ:MSTR) and CleanSpark Inc (NASDAQ: CLSK) all were in ‎green.

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Nearly all of these 5 cryptocurrency stocks have at least doubled since the beginning of 2020, led by ‎gains of 1500% in Riot Blockchain and an 1150% return in Marathon Patent Group. One exception is ‎China-based hardware specialist Canaan, which has lost some processing power due to coronavirus ‎mitigation rules. Canaan’s stock price has dropped 37% year to date.‎

CAN stock earnings

A month ago, the company reported its results for the third quarter. Revenue dropped dramatically ‎and they made a loss. In Q3, Canaan’s revenue was almost 76% lower than last year at $24 million. ‎Sales of computing power were down about 21%. However, the average selling price of that ‎computing power dropped sharply as the company was forced to offload old inventory for a bargain. ‎All in all, a net loss of $12.7 million was booked by the company.‎

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‎The bottom line

After Canaan Creative launched its initial public offering, share prices plunged for quite a while. In ‎recent months, however, CAN shares have appreciated in value due to bitcoin’s (BTC) price increase. ‎In general, stocks like CAN follow the bitcoin’s lead. If bitcoin is rising, they are moving higher. When ‎bitcoin’s value is rising, they rise. When bitcoin’s value is falling, they fall. The generalization, however, ‎has limits. They rarely change as much as bitcoin. In fact, their volatility is often higher. Therefore, it is ‎impossible to predict their movements on a daily basis.‎

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