Why Bitcoin-Related Stock Canaan Is Diving Lower Monday

Canaan Inc - ADR CAN shares are trading lower by 5.22% to $3.72 during Monday's trading session. Canaan shares are trading lower in sympathy with the price of Bitcoin BTC/USD Monday afternoon, which is down roughly 5.6% since Saturday afternoon.

Canaan, which also sells integrated circuit (IC) final mining equipment products for crypto mining in the People's Republic of China, is also down on worse-than-expected economic data. Shares of Chinese companies at large are trading lower after July factory activity pulled back from June levels. Alibaba's recent addition to an SEC delisting watchlist has also possibly weighed on US-listed Chinese stocks.

The South China Morning Post on Sunday reported China’s factory activity unexpectedly fell in July, despite signs of recent recovery nationwide.

China’s official manufacturing purchasing managers’ index (PMI) fell from 50.2 in June to 49 in July, according to data released by the National Bureau of Statistics, the South China Morning Post reported. A figure below the 50-mark indicates contraction... Read More

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