Bitcoin mining equipment maker Canaan skyrockets 41% as the cryptocurrency passes $50,000 for the first time

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Shares of bitcoin mining equipment manufacturer Canaan Creative skyrocketed as much as 41% on Tuesday as bitcoin passed the $50,000 mark for the first time. Canaan's stock has seen monumental price appreciation over the past six months, rising over 770% amid a historic run for cryptocurrencies and a shortage of crypto mining machines. The Beijing-based company expects to benefit from higher bitcoin prices in 2021 as the cryptocurrency's rise continues to spark increased demand for mining machines that suppliers can't meet. The shortage will likely lead to higher premiums for Canaan's in-demand products. Read more: A Ruffer portfolio manager invested a portion of his $4.8 billion fund in Bitcoin. Here's what swayed him to bet on crypto - and the 2 other ways he's hedging against worrying speculative bubbles Bitcoin broke the $50,000 mark for the first time on Tuesday after a slew of reports declared institutional investors are setting their sights on digital assets. The news continues a bull run on bitcoin that started more...