Why Bitcoin- And Ethereum-Related Stock Canaan Is Diving Today

Canaan Inc - ADR CAN shares are trading lower by 5.56% to $3.21 Tuesday afternoon. Shares of several Chinese companies at large are trading lower amid continued COVID-19 lockdowns in China.

Canaan is also trading lower in sympathy with the price of Bitcoin BTC/USD and Ethereum ETH/USD. Bitcoin is lower by 3.8% to $19,042, while Ethereum is lower by 2.2% to $1,582.

What Happened?

The Chinese city of Chengdu has asked the majority of its 21 million residents to stay home for three more days, as officials continued to fight flare-ups of COVID-19 elsewhere in the country, reported the Wall Street Journal.

China also said it would accelerate its stimulus rollout in the third quarter in an attempt to recover from the prior quarter marred by pandemic-related losses...Read More

See Also: Here's Why HyreCar Shares Are Skyrocketing Over 50% Higher Tuesday

According to data from Benzinga Pro, Canaan has a 52-week high of $11.19 and a 52-week low of $2.56.