Why Canaan Stock Plummeted 32.9% in May
What happened
Shares of Canaan (NASDAQ:CAN) sank 32.9% in May, according to data from S&P Global Market Intelligence. The crypto mining specialist’s stock fell in response to a sell-off for Bitcoin and moves from the Chinese government to limit cryptocurrency mining and adoption in the country.
CAN data by YCharts
Tesla CEO Elon Musk delivered a shock to the broader cryptocurrency early in May by stating that the company would no longer accept Bitcoin as payment for vehicles due to concerns about…
