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Tether Plunges on Indian Exchanges, Bitcoin & Ethereum Follow
The world’s largest stablecoin by market capitalization, Tether (USDT), has shown some volatility on Indian exchanges after renewed regulatory concerns. Some clever traders have profited from the price instability.
By definition, Tether, launched to help mitigate volatility associated with digital assets should always be worth $1 or rupees (₹) 74.37, based on current dollar-rupee exchange rate.
Nevertheless, on Tuesday, USDT tanked on all Indian trading platforms to as low as ₹60 on Mumbai-based WazirX exchange while on western exchange keeping the 1:1 peg with the dollar.
India’s Lok Sabha (lower house of the Parliament) bulletin said the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, presumably banning the private holdings of crypto, could be up for discussion in Parliament already by the start of next week, November 29.
As usual, savy traders took advantage of the mispricing and bought “the dip”.
With Tether’s plunge being the most notable, almost all cryptocurrencies dove into the red after the news broke.
— Siddharth Zarabi (@szarabi) November 23, 2021
Commenting on what was considered panic selling on Indian crypto exchanges, Edul Patel, CEO and Co-founder of Mudrex, a global crypto investment platform, said:
“The global cryptocurrency markets remained fairly range-bound over the past 24 hours. However, the speculation around the banning of private cryptocurrencies in India caused a massive panic selling across Indian crypto exchanges.”
“Investors should note that the news about banning is mere speculation, and the contents of the bill are not yet clear.”
Founder of itsblockchain.com, Hitesh Malviya, said:
“The different interpretations of the definition of private cryptocurrencies by the media, and influencers have orchestrated this environment of fear among retail crypto investors.
Cryptocurrencies are trading at a 20-30 per cent discount right now due to the chaos created by the government. The ruling government should have acted more responsibly to define the definition of private cryptocurrency since they mentioned the term for the first time back in February.”
At time of writing, USDT on Indian exchanges is all back to normal for a 1:1 peg with the U.S. Dollar.
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Author: Peter Siu