Stablecoin Tether Crashes on Indian Exchanges, Traders Buy The Dip

Posted on by American Coins & Gold

Stablecoin Tether Crashes on Indian Exchanges, Traders Buy The Dip
Tether (USDT), the world’s largest stablecoin by market value, has turned volatile on Indian exchanges amid renewed regulatory uncertainty. And savvy traders are profiting from the price instability.The cryptocurrency launched to help mitigate volatility associated with other digital assets should always be worth $1 or rupees (₹) 74.37, as per the current dollar-rupee or USD/INR exchange rate.However, on Tuesday, USDT crashed on prominent local platforms, hitting as low as ₹60 on the Mumbai-based WazirX exchange while maintaining the 1:1 peg with the dollar on western exchanges.The move happened after the Lok Sabha (lower house of the Parliament) bulletin said the…