The economic fallout from the Coronavirus is starting to be felt across the world. China’s economy has been the hardest hit but contrary to wider market movements, bitcoin mining stock is rising.
Bitcoin Mining Stock Surges
According to a report from local media outlet 8BTC bitcoin mining hardware giant Canaan has seen its stock prices rally in recent weeks.
CAN stock rallied over 80% yesterday topping $8 according to NASDAQ as over 11 million shares traded hands. The Chinese bitcoin mining firm went public in November becoming the first of the ‘big three’ Chinese bitcoin miner makers to float on US markets.
Since then performance had faltered with a plunge of over 50% since the IPO dropping prices to an all-time low of $4.31. Analysts believe that the recent resurgence has coincided with bitcoin prices topping $10,000.
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