Shares of Canaan Inc. (CAN), a leading crypto mining hardware manufacturer, plummeted by 5.19% on Thursday, caught in the broader selloff of crypto-related stocks following the Federal Reserve's cautious outlook on future interest rate cuts.
The downturn in Canaan's stock came as the central bank lowered borrowing costs for the third consecutive time but signaled fewer rate reductions in 2025 than expected. Fed Chair Jerome Powell emphasized the need for more progress on inflation before further loosening monetary policy, sparking concerns about the potential impact on speculative investments like cryptocurrencies.
Bitcoin, the world's largest cryptocurrency, briefly sank below $100,000 as the Fed's hawkish stance hurt market sentiment. Consequently, crypto mining companies like Canaan, 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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