The action of the maker of machines to mine cryptocurrency Canaan has progressed by more than 80% Wednesday. The increase comes while Bitcoin flirts again with 10,000 dollars and that his halving approach.
Yesterday, share price of Chinese business Canaan increased by more than 80% and closed at $ 8.04. More than 11 million shares were traded, compared to an average daily trading volume of 250,000.
Cours Canaan Inc NASDAQ: CAN – Source: Google
As you can see in the graph above, CAN action, the price of which was set at $ 9 when introduction to Nasdaq, had lost almost 90% of its value since then. Today it is almost back to its original price level.
According to Matthew Yamamoto, research analyst for TheBlock, the rise in bitcoin price would push miners to invest in new machinery and would therefore also benefit manufacturers of mining equipment.
In addition, many miners would prepare for the next bitcoin halving and start to equip themselves accordingly. In May 2020, the mining rewards on the Bitcoin network will indeed be halved. An event which should have a big impact on the market. crypto-mining.
Other experts, however, find it more difficult to explain this sudden increase because the epidemic of coronavirus is further slowing economic activity in China, particularly in this industry.
In December, GSR, a provider of liquidity in the cryptocurrency market, has partnered with Interhash, the mining network of Canaan, in order to offer risk management solutions to bitcoin miners.
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