Cryptocurrency industry players in India faced challenges due to US President Donald Trump’s recent tariff implementation, leading to market disruptions, plummeting share prices, and disrupted IPO plans. Trump’s announcement of imposing tariffs on imports and reciprocal tariffs on 57 countries caused major US stock indices like the S&P 500 and Nasdaq to drop by approximately 10%, signaling a potential trade war. Crypto stocks, including those of Bitcoin miners and exchanges like Coinbase, experienced significant sell-offs, with prices falling by up to 12%. The CoinShares Crypto Miners ETF (WGMI) tracking Bitcoin mining stocks lost around 13% of its value post the tariff announcement. Even high-performing stocks like Strategy saw a decline of about 6%. Investment bank JPMorgan raised the odds of a global economic recession to 60% due to disruptive US policies. The impact extended to IPO plans, as stablecoin issuer Circle postponed its 2025 IPO due to market volatility. Other companies, such as fintech Klarna and StubHub, are also considering revising or delaying IPO plans. However, Bitcoin seemed to “decouple” from the broader market, maintaining a spot price above $82,000 despite the equities market downturn. This resilience suggests a potential shift in Bitcoin’s correlation with traditional markets.