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Why Canaan Stock Popped Today

TheMotleyFool

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A healthy, broad-based rise in cryptocurrency prices and an update on financing were the engines driving Canaan (NASDAQ: CAN) on Wednesday. With the two bullish developments at its back, the price of the company's American depositary shares (ADSes) closed the day more than 16% higher, well above the 0.4% gain of the S&P 500 (SNPINDEX: ^GSPC).

All manner of cryptocurrencies collectively staged a rally that day with, as ever, Bitcoin leading the charge. As of early evening, the bellwether digital coin was up by more than 2%. Other cryptos were vaulting higher.

Image source: Getty Images.

Source Fool.com

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