cryptocurrencies and a crypto mining machine shortage.
Shares jumped as much as 41% on Tuesday before paring gains.
Canaan says customers have ordered over 100,000
bitcoin mining machines through 2021.
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.
Bitcoin Price 2021: 8 Big Companies Boosting BTC to $50K
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هل اكتسبت بيتكوين أرضاً جديدة مع تغير نموذج تذبذبها الحاد؟
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Financial reality allows itself to be penetrated by virtual currencies
ADELINA TOADER (Translated by Cosmin Ghidoveanu) >Cryptocurrencies can no longer be ignored by banks and categorized as a fringe movement, something which has become increasingly evident lately as investment in the cryptocurrency market has grown considerably, and high-profile names such as Elon Musk are promoting the widespread adoption of digital currencies.
The cryptocurrency market has now reached a value of hundreds of billions of dollars and is attracting more and more investors every day, both individuals and well-known companies. Thus, banks and the entire current financial system are under pressure from customers requesting crypto assets.