Shares of Canaan Inc. (CAN), a leading provider of supercomputing solutions and cryptocurrency mining equipment, experienced a significant drop in the latest trading session. The stock plummeted 6.15% as the broader cryptocurrency market faced a downturn.

The decline in Canaan's stock price appears to be directly linked to the recent slump in cryptocurrency values. Bitcoin, the world's largest cryptocurrency by market capitalization, fell below the $105,000 mark, while Ethereum dipped to $3,530. This broader market trend has affected various crypto-related stocks, with several companies in the sector experiencing notable declines.

As a major player in the cryptocurrency mining hardware industry, Canaan's fortunes are closely tied to the overall health of the crypto market. The sharp drop in Bitcoin and Ethereum prices could potentially impact demand for Canaan's mining equipment, as lower cryptocurrency values may reduce the profitability of mining operations. Investors appear to be reassessing their positions in crypto-related stocks in light of these market developments, contributing to the downward pressure on Canaan's share price.