Bitcoin and cryptocurrency prices tumbled into Monday amid a liquidation wave that started late this weekend. Iren stock jumped to buck the trend after the bitcoin miner announced it had expanded its AI cloud capacity.
Bitdeer Techs surged on an analyst price-target increase. Meanwhile, gold climbed to a record on Monday, while silver hit a 14-year high as crypto prices retreated.
Iren Doubles AI Cloud Capacity
Iren surged Monday after announcing that it had doubled its artificial intelligence cloud capacity. The bitcoin miner and data center company procured an additional 12,400 GPUs (graphics processing units), bringing its total cloud capacity to 23,000 GPUs.
With the expanded capacity, Iren said it is now targeting more than $500 million in AI Cloud annualized run-rate revenue by Q1 2026. The company purchased 7,100 Nvidia B300s, 4,200 Nvidia B200s, and 1,100 AMD MI350Xs for about $674 million. Iren expects to take deliveries over the coming months, while the addition of AMD hardware alongside its Nvidia GPUs broadens its offerings and addressable market, the company said.
Meanwhile, AI cloud demand continues to outpace global supply, Iren said, and there's a growing appetite among customers to contract capacity ahead of commissioning.
IREN stock jumped 8.4% Monday to extend its record highs. Shares rallied more than 327% in 2025.
Bitdeer Price Raised
Elsewhere, Roth Capital on Monday raised its price target on Bitdeer to 40 from 18, noting its potential expansion to include high performance computing and artificial intelligence, The Fly reported. Roth Capital wrote that Bitdeer is currently in negotiations on various potential HPC partnership structures, which could feature preferred equity and/or joint ventures. The firm believes that Bitdeer favors providing the land and power, while the partner assists with financing.
Roth said that Bitdeer's exposure to HPC and AI may not be the narrative now, but "it will quickly become one in the next six to nine months." The firm kept a buy rating on the shares.
BTDR stock popped 9% Monday, paring its decline on the year to 17.2%.
Bitcoin, Cryptocurrencies Retreat
Bitcoin and cryptocurrency prices carved lower Monday as the crypto market saw $1.8 billion in liquidations over the past 24 hours, according to Coinglass data.
Most of the liquidations were long positions, which totaled $1.66 billion over the past 24 hours. Bitcoin saw $299 million liquidations during that period, while ethereum saw $524 million liquidated.
The price of bitcoin on Monday tumbled below $112,200, dropping almost 2.9% over the past 24 hours, according to CoinMarketCap data.
Ethereum sold off nearly 7.9%, falling below $4,200.
Bitcoin and crypto prices had trended higher last week following the Federal Reserve's rate cut announcement.
Meanwhile, gold and precious metals have climbed to start the week.
Gold price futures rose a little more than 2% to a record $3,783 per ounce, according to CME Group, pushing its 2025 gain to about 43%.
Silver swung 3.2% higher to $44.31 per ounce, up about 51% this year. Silver is trading at its highest level since August 2011. The metal is approaching a potential new settlement high. The last was reached in January 1980 at $48.70 an ounce, according to MarketWatch.
Deutsche Bank in a Monday note wrote that gold's strength has been supported by geopolitical uncertainty, continued central bank buying, further Fed rate cut expectations, and questions around Fed independence. These factors have reinforced gold's role as a safe-haven asset and core reserve diversifier, the firm wrote.
Despite the sell-off into Monday, bitcoin has also demonstrated "remarkable resilience" this year, strengthened by growing institutional adoption and its emerging status as a potential macro hedge, Deutsche wrote. The firm expects bitcoin to rebound above $120,000 by the end of the year.
Deutsche Bank believes that gold and bitcoin can both serve as reserve assets for central bank balance sheets by 2030. But the firm doubts that either will replace the U.S. dollar as the primary reserve asset or means of payment.
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