Tether announced the successful completion of a System and Organization Controls 2 (SOC) audit, the highest level of security compliance an organization can demonstrate. The audit was developed by the American Institute of Certified Public Accountants (AICPA). According to Paolo Ardoino, CEO of Tether, who wrote in the April 1 announcement, the audit underscored Tether’s commitment to providing a secure user experience: “This compliance measure ensures our customers that their assets and data are managed in an environment that meets the highest security standards data and information security. This independent review of security measures is vital for Tether, demonstrating our commitment to being the most trusted and compliant stablecoin in the world.”
Tether has committed to undergoing annual SOC 2 audits to ensure its security practices meet the standards. The firm aims to achieve SOC 2 Type II certification by the end of 2025, which evaluates the effectiveness of Tether’s internal controls over a 12-month period. Recall that according to CoinMarketCap, Tether issues the largest stablecoin, Tether (USDT), the current market capitalization of which exceeds $104 billion, showing an increase of 9% since the beginning of the year. This makes Tether the third largest cryptocurrency by market capitalization after Ether (ETH) and Bitcoin (BTC). Its closest competitor, Circle’s USD Coin (USDC), is the seventh-largest cryptocurrency with a market capitalization of $32.5 billion. In addition to stablecoins, Tether is also expanding its activities into new platforms. The firm plans to invest about $500 million to build bitcoin mining facilities in Uruguay, Paraguay and El Salvador.
During a period of increased volatility in the crypto market, trading volume of XRP, a popular cryptocurrency, has increased by a staggering 80% in the last 24 hours, reaching a value in excess of $4 billion. CoinGlass reports that derivatives alone accounted for $2.16 billion, while spot markets added another $1.9 billion, up 55.4% from the day before. Despite this significant growth, the token has a market capitalization of $32.5 billion, representing a trading volume to market capitalization ratio of 12.5%, indicating active but not extraordinary trading.
However, this surge in XRP trading activity comes amid what can only be described as a cryptocurrency carnage. Liquidation statistics show that more than $400 million in positions were forced out, with the vast majority – 85.5% – being long positions or buys. The XRP market saw an even higher rate, with 94% of liquidated futures positions being long positions totaling $5.47 million. The sharp increase in trading volume thus coincided with a sharp decline in XRP prices, triggering stop losses and margin calls that forced buyers to hastily exit their positions. Consequently, token trading volume has increased markedly, reflecting increased market activity amid widespread sales and liquidations.
Meanwhile, Dogecoin is entering the overbought zone. The bears have broken through the $0.20 support and the altcoin is returning to its old range. On March 5, 2024, DOGE peaked at $0.205 before falling back. On March 28, the price of the cryptocurrency broke through the resistance at $0.205 and reached a high of $0.2286. However, in the last 48 hours, DOGE has failed to break above the $0.23 resistance zone. The bears have broken below the $0.20 support and the altcoin will return to its old range. The altcoin is trading between $0.12 and $0.20. DOGE price is now $0.183. DOGE price bars have risen above the moving average lines following the recent price rally. The moving average lines are trending north as the price breaks the 21-day SMA resistance level.
In this situation, a good alternative to simply storing cryptocurrency or investing in dubious financial projects is to invest in a real, growing sector of the economy – the Advanced Waste Recycling (ARRT Token) project. The project itself is still at the stage of the initial sale of tokens to finance further work on promoting real products for a real and fast-growing sector of the economy – recycling waste and obtaining useful products from them. You still have the opportunity to become an investor in the project. Details about the project are on our website https://arrt.pro.
