The crypto market is drifting downwards on Tuesday.
On the Bitfinex, bitcoin is priced at some $8,226, while the Ethereum, the second major coin, changes hands on this platform at $685. Ripple is quoted at $0.66536 and Litecoin price was at $132.99.
Despite weaker cryptos, the top-2 producer of mining facilities intends to get $2 billion from IPO slated for July. This is the largest initial public offering of this bitcoin-focused company. According to the news reports, Beijing-based Canaan, a supplier of crypto mining capacities, plans to attract funds as producer of chips for mining and AI, rather than as a bitcoin company. The company obtained permission for IPO last month, whereas crypto mining is banned in China.
With increasing crypto prices, users became more interested in mining, so demand for the capacities rose. However, Bitcoin has plunged 40% over the year, which explains slacker demand for mining.
After all, the company managed to increase revenue by some 3% to $204 million (RMB 1.3 billion).