USDT crashes on Indian crypto exchanges as traders take profit
Tether or USDT crashed on Indian exchanges like WazirX on Wednesday, Nov 24. Normally, Tether is a stablecoin, and its value should be fixed at $1 or 74.37 INR. However, reports from Indian exchanges show that prices fell as low as 60 INR per USDT.
The fall of USDT
Tether is the 4th biggest stablecoin in the market, with a market capitalization above $72.5 billion. The stablecoin is pegged 1:1 with the US dollar and has attracted its share of scrutiny from regulators, who remain critical of stablecoins.The stablecoin saw a fall in prices on Indian exchanges, as low as 60 INR. However, as per the current exchange rate, the coin should've been worth 74.37 INR. Taking advantage of this unique situation, traders bought Tether at lower prices and sold at higher ones without actually investing in any cryptocurrency.
As per a tweet, the fall of USDT caused opportunities to open up for traders as well as investors.
"Indian exchange all cryptos become cheap in INR pairs due to selloff in INR markets. Arbitragers buy coins from INR pairs and dump in international exchange and then bring back usdt and dump on usdt INR market," explained Arbitrader in the tweet.
Regulation in India
Regulatory authorities in India are looking to put a ban on cryptocurrencies but only selected ones. According to several local media outlets, the government aims to ban private cryptocurrencies. The cryptocurrency regulation bill will be presented in the Lok Sabha (Lower house of the Indian Parliament) in the winter session that starts on Nov 29.[caption id="attachment_175074" align="alignnone" width="1920"]
USDT price chart by WazirX[/caption]
The chart above shows a massive drop in the prices of USDT as investors bought low and sold high. This was caused by the panic that surrounding the regulatory uncertainty regarding cryptocurrencies in India.
The India ban FUD caused many crypto investors to sell their USDT at 61 INR or lesser. Many Twitter users expressed their anger at Indian media houses for creating this FUD.
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