Canaan creative stock which is listed on Nasdaq Stock exchange has been falling since bitcoin halving and hit a all time low below $2 which is lowest price since it was listed in November, reported on 15 June 2020.
On Monday, the price of Canaan stock on Nasdaq exchange was closed at $1.98 with a declining of 3.9% as per the report of Yahoo Finance.
As the Coronavirus caused the businesses a great loss and on the other hand bitcoin Halving dumped the bitcoin mining machinery demand, despite of all these the Canaan creative working hard to come back.
“Some of the earliest Chinese miners started to raise funding from institutional investors and buy new models and phase out old machines so that they would be prepared for the halving,”Aries Wang, co-founder of crypto exchange Bibox
he also added:
Many had already completed the update on infrastructure such as mining sites and miners before the end of February.”
Aries Wang company invested in the cryptocurrencies mining corporations
From the beginning of this year, the Canaan’s cash and cash equivalents has been faced a decrement of 48% in just first quarter of 2020. The company reported this huge drop that was partly because of the short-term investments of $24.5 million that includes its partnership with Semiconductor Manufacturing International Corporation (SMIC) which is one of the largest computer chip makers from mainland China.
Previously,Yi Gang, governor PBOC, People’s Bank of China has said that there is no particular fixed dating for the legal introduction of the digital Yuan
Recently, Bitcoin transmitting charges have currently fallen down to $0.56 after an uprising of more than 1600% from April 5 to May 20
Also Read: Early Days Of Bitcoin- Documentary