USDT rate is regularly touching 100 against INR!

[Lender]

https://CryptoIndiaUnited.com/usdt_price.php

Check the OTC price chart. USDT rate is often touching 100 INR, while USD has not crossed 96 INR yet.

https://Google.com/search?q=1+usd+in+inr

Why is it so?

[Bitcoin Smith]

There were offers to buy it for 102INR when the USD price was like 85 and 86.

Why?

Because people are interested in buying the USDT more than anything for whatever reason, that increases the demand for it along with the price.

And there is another reason and most common, people just pay using the money that is involved in a hack or scam so they just want to get rid of that money from their bank account as quickly as possible, so they offer more than market price to attract the buyers so they can take away the crypto and leave the traders with bank freeze and cases to face.

So don't just trade based on the price alone, pick the right and trusted trader who always pay lesser than the market price.

[Rotten Egg]

Because people are interested in buying the USDT more than anything for whatever reason, that increases the demand for it along with the price.

True.

And there is another reason and most common, people just pay using the money that is involved in a hack or scam so they just want to get rid of that money from their bank account as quickly as possible, so they offer more than market price to attract the buyers so they can take away the crypto and leave the traders with bank freeze and cases to face.

This is actually half truth. Because, at @CryptoIndiaUnited OTC, which is being referred here for USDT rate, USDT sellers will hardly accept UPI/IMPS at their bank account. Deals take place mostly through Cash Deposit Machine (CDM), Cardless Cash Withdrawal (CCW) or QR Cash Withdrawal (QCW). In the specific cases you have mentioned, where deals take place way over market rate, USDT sellers withdraw fund in Cash through CCW or QCW. The tainted account provided by USDT buyer becomes cashless before getting frozen. So, effectively, USDT sellers do NOT face any account freeze or anything.

So don't just trade based on the price alone, pick the right and trusted trader who always pay lesser than the market price.

In P2P, USDT sellers should never accept UPI/IMPS at their bank account, whatever the rate may be. Binance users are fully KYC, but P2P sellers still face account freeze left & right.

[Bitcoin Smith]

~
This is actually half truth. Because, at @CryptoIndiaUnited OTC, which is being referred here for USDT rate, USDT sellers will hardly accept UPI/IMPS at their bank account. Deals take place mostly through Cash Deposit Machine (CDM), Cardless Cash Withdrawal (CCW) or QR Cash Withdrawal (QCW). In the specific cases you have mentioned, where deals take place way over market rate, USDT sellers withdraw fund in Cash through CCW or QCW. The tainted account provided by USDT buyer becomes cashless before getting frozen. So, effectively, USDT sellers do NOT face any account freeze or anything.

Cash deposit is best method, but it is not possible for smaller amounts, so the user needs to have at least 25K or above worth of crypto to find the one who is interested in CDM.

So don't just trade based on the price alone, pick the right and trusted trader who always pay lesser than the market price.

In P2P, USDT sellers should never accept UPI/IMPS at their bank account, whatever the rate may be. Binance users are fully KYC, but P2P sellers still face account freeze left & right.

Ideally we should avoid IMPS/UPI and any kind of bank transfer mode because it always have a chance of account freeze and the reason why even the trusted users are facing account freeze is because of layers, they buy and sell simultaneously so they might received funds from some tainted account and then send it to you so IO will simply chose to freeze all bank account that is involved.

[pawanjain]

https://CryptoIndiaUnited.com/usdt_price.php

Check the OTC price chart. USDT rate is often touching 100 INR, while USD has not crossed 96 INR yet.

https://Google.com/search?q=1+usd+in+inr

Why is it so?

That's how P2P work at first place. Most of the times, there are premium prices available in P2P trading.
It has been happening since a long time now. USDT/INR price has crossed 100 few more times earlier.
So that's not shocking to see the price crossing 100 now.

[BitDiscussion]

Usually what I have experienced is when bitcoins crashes, USDT pumps slightly. Not just 100 but I have sold USDT as high as 109 rs. Yes, that was unbelievable and I could find some profit making opportunities over there. I now prefer holding USDT along with my other portfolio because USDT rates can cross 100 rs anytime in future. I would simply sell the USDT at the inflated rate and wait for the rate to come back between 95 rs to 100 rs so I can buy back. This way, I can make some quick profit and I don't think there is any risk involved here as USDT being one of the stable coin.

USDT is definitely a derivative of the US dollar but let's not forget that USDT is still a crypto which reacts to the demand and supply factor. When bitcoins crash, people start selling bitcoins for USDT which inflated the price. The very basic demand and supply comes into picture here.