CAN - Here's Why Canaan Stock Was Soaring Today
Shares of Canaan (NASDAQ: CAN) were going up today, apparently because the price of Bitcoin (CRYPTO: BTC) was also rising. Those who know the company will realize this doesn't make a lot of sense, as we'll see in a moment. But there's no company-specific news to otherwise explain the stock's movement. As of noon EST on Wednesday, Canaan's stock was up about 16%.
Many cryptocurrency stocks have absolutely skyrocketed over the past several months with rising cryptocurrency values. Canaan is up over 1,100% in the past six months alone, placing it among some of the top performers. But today, the company didn't report any news or file any documents with the Securities and Exchange Commission. Nevertheless, it was outperforming many other Bitcoin stocks.
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Here's Why Canaan Stock Was Soaring Today