The dollar-linked stable coin tether (USDT) slumped 25% to almost ₹60 on Wednesday after news of the bill, according to Naimish Sanghvi, a cryptocurrency investor. “I am contemplating selling because the future is so unclear,” said the investor, who asked not to be named. Several exchanges were facing deposit and withdrawal challenges due to the high volume of selling, said cryptocurrency traders. WazirX, one of India’s largest cryptocurrency exchanges, said earlier on its Twitter account that it was investigating reports that users were facing delays on its app and website. There are an estimated 15-20 million cryptocurrency investors in India, with total crypto holdings of about ₹400 billion, according to industry estimates.

Source: The Hindu November 24, 2021 16:43 UTC