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Tether Announces That Its Reserves Will Be Audited By Major Accounting Firms

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Today’s Cryptocurrency Headline

According to the official announcement, Tether said that it is currently preparing to be audited by a major accounting firm, which is one of the “Big 12” accounting firms. Tether plans to be the first stablecoin to have its market reserves audited, and the company expects other stablecoins to follow in Tether’s lead. In addition, Tether explained why it did not choose one of the “Big 4” accounting firms, stating that the Big 4 auditors are highly concerned with reputational risk due to the lack of regulatory clarity around stablecoins, and as such, they are not providing audit services to stablecoins. Tether reiterated that its current commercial paper portfolio in market reserves has been further reduced to $11 billion, to reach $8.4 billion by the end of June, and gradually reduce to zero. All commercial papers are expiring and will be rolled into US Treasuries with a short maturity.

BingX’s Bitcoin Chart

Source: TradingView & BingX

MicroStrategy CEO Michael Saylor announced another purchase of 480 bitcoins for about $10 million, paying an average of $20,817 per bitcoin. Bitcoin is down -1.26% over the past 24 hours and fell to an intraday low of $19,820.01. Bitcoin turned down from $22,000 on June 26, indicating the market sentiment is still weak and the bulls are selling on the relief rally. The relative strength index is approaching the oversold level, suggesting the bearish momentum is getting stronger. For now, the bulls need to sustain the price above $20,000 in order to improve market sentiment.

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