Markets Under Pressure Until April Amid Trade Concerns

Despite several positive developments in the crypto sector, global tariff concerns are expected to weigh on the market until at least April, according to Nicolai Sondergaard, a research analyst at Nansen.

Sondergaard suggests that risk assets may struggle to find clear direction until the tariff-related uncertainties are resolved. He estimates that these concerns may be settled between April and July, which could provide a positive boost to the market.

The uncertainty stems from President Donald Trump’s planned reciprocal tariff rates, which are set to take effect on 2 April. This comes despite previous comments from US Treasury Secretary Scott Bessent, who hinted at a possible delay in implementation.

Tether Engages Big Four Firm for Full Financial Audit

Stablecoin issuer Tether is reportedly in discussions with a Big Four accounting firm to conduct its first full audit of asset reserves, ensuring that its USDT stablecoin is fully backed at a 1:1 ratio.

Tether CEO Paolo Ardoino suggested that the audit process would be smoother under the current administration, citing President Trump’s pro-crypto stance.

“If the President of the United States says this is a top priority for the US, Big Four auditing firms will have to listen, so we are very happy with that,” Ardoino said in a statement to Reuters on 21 March.

Tether has long faced scrutiny over its reserve transparency, with critics drawing parallels to past liquidity crises in the crypto industry. While the company currently releases quarterly reports, it has yet to undergo a full independent annual audit, which would provide greater assurance to regulators and investors.

Although Ardoino did not confirm which of the Big Four firms—PricewaterhouseCoopers (PwC), Ernst & Young (EY), Deloitte, or KPMG—Tether is engaging, the move is seen as a significant step towards increased transparency in the stablecoin market.

US Treasury Removes Tornado Cash from Sanctions List

The US Treasury Department has officially removed cryptocurrency mixer Tornado Cash from its sanctions list, following a court ruling that determined the sanctions were beyond the agency’s authority.

In January, a US appeals court ruled that the Treasury’s Office of Foreign Assets Control (OFAC) could not impose sanctions on Tornado Cash’s smart contracts, as they are not the property of a foreign national or entity. The ruling stated that “Tornado Cash’s immutable smart contracts (the lines of privacy-enabling software code) are not the ‘property’ of a foreign national or entity, meaning […] OFAC overstepped its congressionally defined authority.”

Following the Treasury’s announcement on 21 March, several Tornado-affiliated smart contract addresses were removed from the Ethereum blockchain sanctions list.

In response to the news, Tornado Cash’s native token (TORN) surged by approximately 60%, according to data from CoinMarketCap. As of 21 March, TORN’s market capitalisation stands at around $73 million, with a fully diluted value (FDV) nearing $140 million.

The delisting marks a significant development in the ongoing debate around financial privacy and regulatory oversight in the crypto industry.