Why Canaan Stock Dived by 9% on Monday
If the cryptocurrency market is stumbling, you can be pretty sure that crypto mining company and equipment supplier Canaan's (NASDAQ: CAN) stock is heading south too. That was the dynamic Monday, as investors traded out of Canaan and many other companies in the cryptoverse.
On the day, Canaan's stock fell by in excess of 9% while the bellwether S&P 500 (SNPINDEX: ^GSPC) inched 0.2% higher.
All in all, cryptocurrencies like the main one Canaan mines -- Bitcoin -- have done exceedingly well this year. Rallies in any asset, of course, become more difficult to sustain as time goes by and valuations surge. Digital coins and tokens are particularly susceptible to this, as they are rightly considered to be comparatively high-risk investments.
Source Fool.com
