Tether Crash In India
  The latest moves in crypto markets, in context Edited by Omkar Godbole November 24, 2021 Sponsored by  (Price data as of November 24 @ 12:50 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole Major coins were trading flat-to-negative early Wednesday as the dollar reached a fresh 16-month high in the currency markets.
Gaming tokens were resilient with metaverse platform The Sandbox's SAND rallying 25% to hit record highs above $7.00. Adidas, which recently ventured into metaverse with the launch of POAP, or proof of attendance protocol, on its adidas CONFIRMED app, tweeted Tuesday about developing a so-called "adiVerse" in partnership with The Sandbox.
Tether (USDT), the world's largest stablecoin by market value, traded volatile on Indian exchanges amid renewed regulatory uncertainty.
The stablecoin 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.
Some traders took advantage of the mispricing and bought tether at a discount. "There was an arbitrage opportunity in buying USDT at Rs. 60 to sell it at the peg or premium," trader Swarang Tanksali told CoinDesk in a WhatsApp chat. "I purchased tether around ₹62 on CoinDCX exchange."
MintingM, an India-based crypto asset management company, said many traders could not take advantage of the mispricing as a sudden spurt in trading volumes in the wake of regulatory news led to technical glitches on major exchanges. "Many investors were unable to transfer money to exchanges," MintingM said. "Those holding INR on exchanges could take the gambit."
Technician's Take by Omkar Godbole  SOL Looks Weak  BTC's 4-hour chart (Source: TradingView)
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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