The cryptocurrency industry faced significant setbacks this week as a result of US President Donald Trump’s sweeping tariff rollout. Market volatility sent shares tumbling and hindered initial public offerings (IPOs), impacting companies like Coinbase and others heavily. 10% declines in major US stock indices, such as the S&P 500 and Nasdaq, further amplified the impact. Trump’s tariffs, imposed on imports and reciprocally on several nations, have led to a decline in Bitcoin mining stocks, with the CoinShares Crypto Miners ETF (WGMI) experiencing a loss of approximately 13%. Even Strategy, previously a top performer in 2024, has seen a drop of around 6%. JPMorgan predicts a global economic recession in 2025, citing U.S. policies as the primary risk factor. The impact of these tariffs extends beyond stock prices: Circle, a stablecoin issuer, has reportedly paused its IPO plans due to market instability. This delay follows several companies, including fintech Klarna and ticketing service StubHub, reportedly reconsidering or postponing IPOs. However, Bitcoin’s price remained resilient despite broader market declines, maintaining an above-82,000 spot price even during this turbulent period.