Canaan Inc price forecast: is CAN stock a good buy?

NASDAQ:CAN soared by 20.73% as cryptocurrency stocks gained on the day.
Two more major financial brands dip their toes further into the crypto world.
Canaan Inc is set to announce its quarterly earnings on April 12, 2021.

Stocks Reporter FXStreet

NASDAQ:CAN has found itself included amongst the suddenly surging Bitoin mining sector as the flagship cryptocurrency continues to scream towards new all-time highs on a seemingly weekly basis. Tuesday saw Canaan Inc skyrocket by 20.73% to close the trading session at $21.26 after crashing hard during the recent Bitcoin correction. Shares are still depressed by over 45% since hitting a new 52-week high price of $39.10 just two weeks ago, which is a great example of just how volatile the crypto mining industry is.

Stay up to speed with hot stocks' news!

The entire crypto industry surged on Tuesday as two giants of the digital payments sector announced monumental steps towards legitimizing cryptocurrencies. Visa (NYSE:V) reported that by the end of 2021, it would be settling payments over the Ethereum-blockchain network using the USDCoin which is tied to the value of the U.S. dollar fiat currency. Secondly, fintech leader PayPal (NASDAQ:PYPL) also reported it would soon allow its users to pay by Bitcoin, Bitcoin Cash, Ethereum, or Litecoin at over 29 million online merchants via its PayPal digital wallet. Both moves by Visa and PayPal should help to spread the acceptance globally as they are both used in nearly every geographical region in the world.

CAN Stock price

Canaan has also reported that it is hosting its quarterly earnings and fiscal year 2020 earnings during a call on April 12, 2021. For companies like Canaan, it is important to note that revenues and cash holdings are often linked to the volatility of cryptocurrencies so the price of Bitcoin will more likely than not have more of an impact on the stock price then quarterly earnings.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.