Tether, a stablecoin, crashes on Indian markets, prompting traders to purchase the dip.

Tether (USDT), the world’s most valuable stablecoin, has been volatile on Indian markets as a result of fresh regulatory uncertainties. And as a result of the price volatility, intelligent traders are benefitting.

According to the current dollar-rupee or USD/INR exchange rate, the cryptocurrency introduced to assist decrease volatility associated with other digital assets should always be worth $1 or rupees ₹74.37.

On Tuesday, though, USDT fell to as low as $60 on the Mumbai-based WazirX market, despite retaining a 1:1 peg with the dollar on western exchanges.

The decision came after a Lok Sabha bulletin stated that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which seeks to outlaw all private cryptocurrencies, might be submitted for debate in Parliament’s upcoming winter session, which begins on Nov. 29.

Tether was acquired at a bargain by certain traders who took advantage of the mispricing. In a WhatsApp conversation with CoinDesk, trader Swarang Tanksali said, “There was an arbitrage opportunity in buying USDT at Rs. 60 to sell it at the peg or premium.” “I bought tether for around ₹62 on the CoinDCX market.”