New York, Jan 20, 2026, 11:11 AM EST — Regular session ongoing.
- IREN dropped roughly 3% by late morning, following a volatile move before the market opened.
- Bitcoin dropped close to $90,000 after investors stepped away from riskier assets.
- Attention shifts to Washington’s crypto policy timeline and key macro updates from Davos.
Shares of IREN Limited dropped $1.78, or 3.1%, closing in on $56.04 during late morning trading. The stock fluctuated between $52.01 and $56.26, with roughly 21.4 million shares changing hands.
This shift matters since IREN continues to behave like a high-beta stand-in for crypto sentiment, despite marketing itself as an AI infrastructure and data-center player. When days like this hit, bitcoin calls the shots and everything else just follows suit.
Bitcoin slipped $2,527, or 2.7%, landing at $90,466 following a short drop to $89,880.
Macro jitters were building fast. Japanese government bond yields jumped sharply over the last two days, fueling worries about debt supply and rising borrowing costs. On top of that, tariff threats from Washington sharpened the mood. Kenneth Broux, head of FX and rates corporate research at Societe Generale, described the situation as a “perfect storm.” 1
UK stocks dipped in Europe as risk sentiment soured following U.S. President Donald Trump’s threat to impose more tariffs on several European nations—unless the U.S. secures the right to purchase Greenland. Kathleen Brooks, research director at XTB, noted that what unfolds “will ultimately depend on Trump’s actions in the coming days,” with eyes on his upcoming Davos remarks. 2
Crypto-linked stocks took a hit. Marathon Digital dropped roughly 5.8%, while Riot Platforms slipped around 3.2%.
Investors kept a wary eye on policy developments. According to Investing.com, the debate over a key U.S. crypto regulatory bill was pushed back after Coinbase raised objections to certain sections, fueling an already shaky market as leveraged positions faced mounting liquidations. 3
IREN’s sustained bull case has centered on its AI ambitions. Back in November, Reuters revealed Microsoft struck a $9.7 billion, five-year deal with IREN for cloud capacity powered by Nvidia chips, delivered through Dell, rolling out in stages until 2026. Reuters also noted the contract includes a clause allowing termination if deadlines slip. 4
The downside is clear. If bitcoin remains stuck under pressure and wider markets continue to fall, miners and crypto-related stocks could face sharp profit hits. Meanwhile, IREN still faces execution risks tied to its costly data-center expansion.
Traders are focused on whether bitcoin can maintain the $90,000 level in the short term, while tariff news and bond-market moves continue to weigh on risk appetite. For IREN, the key event ahead is its next earnings report, slated for around Feb. 11, per Zacks’ calendar. 5
