Canaan Inc. (CAN) shares plummeted by 5.02% intraday on Thursday, as the crypto mining hardware manufacturer got caught in the broader selloff of crypto-related stocks following the Federal Reserve's cautious outlook on interest rate cuts.
The downturn in Canaan's stock came after Bitcoin, the world's largest cryptocurrency, briefly sank below $100,000 as the Fed's hawkish stance hurt speculative investments. The central bank lowered borrowing costs for the third consecutive time but signaled fewer rate reductions in 2025, as Chair Jerome Powell emphasized the need for more progress on inflation before further loosening monetary policy.
While crypto stocks initially rallied in pre-market trading after a sharp drop on Wednesday, the momentum quickly faded as the broader market digested the Fed's cautious tone. Canaan, along with other crypto mining companies like Bitfarms, Bit Digital, and Hut 8 Mining, saw their shares decline as investors reassessed the potential impact of the Fed's policy on the volatile crypto market.
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