Cryptocurrency firms have been heavily impacted by US President Donald Trump's recent tariff announcement, which imposed a 10% tariff on almost all imports into the US and additional "reciprocal" tariffs on 57 countries. This led to market turmoil, with major indices like the S&P 500 and Nasdaq falling by around 10%, and cryptocurrency stocks, including Coinbase and Bitcoin mining stocks, suffering significant losses. Even Strategy, one of the top-performing stocks of 2024, dropped by about 6%. This uncertainty has led to delays in IPO plans, with Circle pausing its 2025 IPO plans and other companies like Klarna and StubHub reconsidering theirs. However, Bitcoin has remained relatively stable, staying above $82,000 despite the broader market collapse.

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