Canaan Stock Surges Friday: What's Happening?
Shares of Canaan Inc. (NASDAQ: CAN) are trading higher Friday afternoon, lifted by a broader rally across cryptocurrency-linked equities.
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Canaan Takes A Double Hit Amid Crypto Pain
The cryptocurrency mining machine maker’s revenue plunged and its net loss ballooned in the second quarter as its product sales and mining income both tumbled image credit: Bamboo Works Key
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Shares of crypto-linked companies are trading higher amid a rise in Bitcoin after the CFTC submitted a proposal on Thursday to regulate crypto asset transactions and markets. This, along with yesterday's announcements from the CFTC and SEC, signals that regulatory agencies are taking action after the Clarity Act failed to advance in the Senate.
Shares of crypto-related companies are trading higher after the SEC announced a five-year exemption for tokenized stock trading. The CFTC also issued a no-action position against passive software providers that partnered with regulated entities and failed to register as brokers.