Bitcoin Price Hits May Low; Circle Wins Upgrade As HIVE Soars

• More than $190 million in bitcoin positions were liquidated as the price dropped below $76,700, with total crypto liquidations exceeding $699 million in 24 hours
• H.C. Wainwright upgraded Circle Internet to 'buy' and raised its price target to 150 from 85, citing the successful $222 million ARC token presale that valued the network at $3 billion
• HIVE Digital stock surged 30% after announcing plans for an AI gigafactory in Toronto with 320 megawatts capacity, designed to host over 100,000 GPUs at full build-out by late 2027

Market Summary: Bitcoin Hits May Low; Circle Upgraded, HIVE Soars

Key Developments

Bitcoin plunged to its lowest level since May 1, trading around $76,850 Monday morning after falling below $76,700 overnight. The decline was triggered by President Trump's renewed threats against Iran over the weekend and surging Treasury yields reaching a 51-week high amid global inflation concerns.

Market Impact

The cryptocurrency selloff resulted in significant liquidations:

• Over $699 million in total cryptocurrency positions liquidated in 24 hours
• More than $190 million in bitcoin positions forced into selling
• $283 million in ethereum positions liquidated
• Spot bitcoin ETFs recorded $1 billion in net outflows last week, the largest decline since January 30 ($1.49 billion)

Company News

Circle Internet Group (CRCL) received a substantial upgrade from H.C. Wainwright, raised to "buy" from "neutral" with price target increased to $150 from $85. The upgrade follows Circle's successful $222 million ARC token presale, valuing the Arc network at $3 billion. Investors included a16z crypto, Apollo Funds, ARK Invest, BlackRock, and Intercontinental Exchange. Circle projects USDC circulation to grow at 40% CAGR. CRCL stock declined 1.8% despite the upgrade, having gained 44% year-to-date.

HIVE Digital (HIVE) surged 30% to $3.49 after announcing plans for a 320-megawatt AI gigafactory in Greater Toronto, designed to host over 100,000 GPUs. The facility is expected online in H2 2027.

Sector Performance

Cryptocurrency stocks mostly declined: Coinbase fell 2%, Strategy dropped 6%, IREN and Keel Infrastructure declined over 4%, while Hut 8 and Cipher Digital fell 6-7%.