Take a look at this first: IREN is down 10.2% in 24 hours
$BTC 68002.01, 24h -4.57%, 24h volume: 2.047 billion.
The impact of negative news often comes quickly and fades quickly too. The key is to watch for any further bad news. Historically, the price action following similar news has varied, so don't assume the same pattern will repeat.