Canaan Inc. (CAN) experienced a significant 24-hour plunge of 6.15% on Tuesday, as the cryptocurrency market faced downward pressure. The decline in Canaan's stock price aligns with a broader trend affecting various crypto-related stocks during the trading session.

The catalyst for this market-wide downturn appears to be the sharp decrease in major cryptocurrency prices. Bitcoin, the leading digital currency, fell below the $105,000 mark, settling at $104,989. Simultaneously, Ethereum, the second-largest cryptocurrency by market capitalization, dropped to $3,530. These price movements in the crypto market have had a ripple effect on stocks of companies closely tied to the cryptocurrency industry.

Canaan, known for manufacturing cryptocurrency mining equipment, was not alone in its decline. Other crypto-related stocks also saw significant drops, with Cipher Mining falling 7%, TeraWulf down 6%, and companies like BTBT, SBET, and IREN experiencing declines ranging from 3% to 5%. This sector-wide downturn underscores the strong correlation between cryptocurrency prices and the performance of related stocks, highlighting the volatile nature of the crypto-linked equity market.