Cryptocurrency firms felt the heat from US President Donald Trump’s sweeping tariff rollout this week as market turbulence sent share prices tumbling and foiled initial public offering (IPO) plans. From exchanges to Bitcoin (BTC) miners, crypto stocks suffered as much, if not more, than shares of other companies — despite the industry’s warm relationship with the US president. On April 2, Trump announced he was placing tariffs of at least 10% on practically all imports into the United States and adding additional "reciprocal" tariffs on some 57 countries. Since then, major US stock indices — including the S&P 500 and Nasdaq — tumbled by roughly 10% as traders braced for a looming trade war. Bitcoin miners sold off on Trump’s tariff news.
Stablecoin issuer Circle has reportedly paused plans for a 2025 IPO, citing market turbulence. According to The Wall Street Journal, Circle is “waiting anxiously” before taking further steps after filing to take the company public on April 1. It is among several companies — including fintech Klarna and ticketing service StubHub — reportedly considering altering or shelving IPO plans. One exception may be Bitcoin itself, which some analysts say is finally “decoupling” from the broader market.
Source: MorningstarRelated: Bitcoin ‘decouples,’ stocks lose $3.5T amid Trump tariff war and Fed warning of ‘higher inflation’Sharp selloffsCrypto exchange Coinbase — a prominent ally of Trump during the November US elections — experienced a similarly severe sell-off, with its stock price dropping by roughly 12% during the same period, according to data from Google Finance.
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Author / Journalist: Cointelegraph by Alex O’Donnell
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