Stock Track | Canaan Soars 5% in Pre-Market as Bitcoin Rebounds After Fed Sell-Off

Stock Track12-19

Shares of crypto mining company Canaan Inc. surged 5.02% in pre-market trading on Thursday, rebounding along with Bitcoin after the cryptocurrency's worst drop since September in the prior session.

Bitcoin tumbled around 5.1% on Wednesday after the Federal Reserve signaled caution on future interest rate cuts, sparking a sell-off in speculative assets. However, the world's largest digital currency has since recovered to trade around $100,000 as of Thursday morning.

As a leading manufacturer of Bitcoin mining rigs, Canaan's stock price tends to closely track movements in Bitcoin. The company's pre-market rally reflects optimism that higher Bitcoin prices will translate into strong demand for its mining hardware going forward.

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