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WazirX news: The co-founder of the scandalous WazirX exchange is looking for money for a new project

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Current WazirX news: Nishal Shetty, co-founder of the Indian crypto exchange WazirX, intends to raise capital to fund a new project. Meanwhile, his former brainchild is already in the crosshairs of the authorities.

Nishal Shetty, co-founder of troubled crypto exchange WazirX, is now working on the idea for blockchain startup Shardeum. He expects to raise about $20 million to $30 million from investors in a seed-stage round of Shardeumfunding. If successful, the total value of the startup could be around $200 million, sources unnamed told TechCrunch.

The same sources add that the seed round involves such investment heavyweights as Spartan Group, Struck Crypto, Big Brain Holdings and Cogitent Ventures.

Shetty himself confirmed that his startup is busy raising capital, but added that the round isn’t over yet. “We are working with leading venture capitalists as part of the ongoing Shardeum funding phase. We look forward to providing more details on how we are working to give our team a strong push to develop and accelerate mass adoption of Web3,” he said.

As the startup’s name implies, the Shardeum project is closely related to the sharding mechanism. To recap, shards are individual parts of the blockchain. Each shard has a specific node assigned to it. This division simplifies the process of controlling the blockchain, increases the security of the network and its throughput.

The developers expect that Shardeum will be able to process more than 100 thousand transactions per second with a latency of about 10 seconds. The blockchain will operate based on two consensus mechanisms – proof-of-stake and proof-of-quorum, which will reduce the cost of operating the network.

According to sources, the initial target audience of the project will be emerging markets, including India, and the mainnet launch should take place in the 4th quarter of this year.

We previously reported on the most unprofitable cryptocurrencies by market capitalization for the week.

Cryptocurrency

Ripple (XRP) Price Outlook: Can Bulls Defend $0.6 or is a Crash Coming?

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The XRP rally appears to be taking a pause. Will bears return?

Key Support levels: $0.54

Key Resistance levels: $0.68

1. Rally on Hold

In the past few days, XRP failed to make a higher high which could give an opportunity for sellers to return. At the time of this post, buyers still managed to hold the price around 60 cents. If they lose this key level, then a deeper pull back could follow.

XRPUSDT_2024-07-25_13-02-48
Chart by TradingView

2. Volume Continues to Fall

The volume continued to fall compared to our last update. This is an early bearish indicator. If nothing changes, then sellers are likely to push XRP closer to the most important support which is found at 54 cents.

XRPUSDT_2024-07-25_13-03-28
Chart by TradingView

3. Weekly MACD Remains Bullish

While the intra-day volatility continues to be high, the weekly timeframe gives a clear bullish bias. Even if XRP falls to the key support again, buyers are likely to return there.

XRPUSDT_2024-07-25_13-03-02
Chart by TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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ETH Price Dumped 10% as Spot Ethereum ETFs Saw $133M in Outflows on Day 2

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The second day of trading for the spot Ethereum ETFs was quite different than the first as more than $133 million were withdrawn from the largest financial vehicles.

The underlying asset’s price reacted with a massive price drop that drove it south by 10% in a day, thus proving the initial reports that the approvals might turn out to be a sell-the-news moment.

CryptoPotato reported yesterday that the spot Ethereum ETFs had a solid first day of trading (on July 23) when more than $106 million poured in as a whole. BlackRock’s ETHA and Bitwise’s ETHW led the pack with $266.5 million and $204 million, respectively.

They even managed to reduce the impact of the outflows from Grayscale’s ETHE, as $484 million exited the converted fund.

However, the landscape on July 24 was entirely different. Grayscale’s product had $326.9 million in outflows, but the demand for the other ETFs was missing, and the overall withdrawals for the day soared to $133.3 million. Only Fidelity’s FETH had an impressive day with $74.5 million in inflows.

Somewhat expected, ETH’s price suffered due to this underwhelming performance by the products that were just launched. The asset tumbled from almost $3,500 to a multi-day low of $3,130 earlier today, marking a 10% decline.

Ethereum/Price/Chart 25.07.2024. Source: TradingView
Ethereum/Price/Chart 25.07.2024. Source: TradingView

Despite recovering some ground since then, ETH is still 8% down on the day and sits below $3,200. Over $100 million in long ETH positions have been wrecked in the past day, which is a third of the entire amount ($292 million as of now).

Recall that there were several reports ahead of the spot Ethereum ETF launch that suggested the upcoming products will become a sell-the-news moment at first.

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Ripple (XRP) Community Speculates on Upcoming SEC Meeting Today

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TL;DR

  • The Ripple vs. SEC legal battle is still ongoing, with some experts predicting a resolution by the end of summer. An SEC meeting today has fueled speculation about an imminent agreement.
  • Ripple’s token XRP has been rallying and could experience significant volatility based on the lawsuit’s outcome. A favorable ruling might trigger a bull run, while the opposite decision could hinder its progress.

Could Today be the Big Day?

The legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has witnessed numerous developments lately. It entered its trial phase in April 2024 (more than three years after the start of the process), with both parties presenting necessary information and documents and abiding by the court rules.

Despite being in its final stage, a resolution is still yet to come. Ripple’s CEO recently argued that the entities might shake hands “very soon,” while other experts were more precise with their predictions. The American attorney Fred Rispoli suggested that the case could be officially closed by July 31, whereas Jeremy Hogan thinks this could happen before the summer’s end.

Some X users speculated that an agreement may be announced as soon as this week based on the SEC’s closed meeting scheduled for today (July 25). The agency is supposed to discuss several subjects, including “Institution and settlement of administrative proceedings” and “Resolution of litigation claims.” The meeting was initially set for July 18 but later rescheduled for today.

On the other hand, other industry participants reminded that the Commission often conducts similar gatherings, and so far, it has not touched upon the Ripple case. 

The Possible Impact on XRP

Ripple’s native token has been rallying recently, briefly surging to $0.63 last week and currently hovering at around $0.61. It is among the few altcoins that have defied the market-wide correction. Bitcoin (BTC), for instance, is down 2.5% in the past 24 hours, while Ethereum (ETH) has tumbled by nearly 10% in the same period. 

A potential resolution of the Ripple v SEC lawsuit could trigger enhanced volatility for XRP as the asset could repeat its surge from last year in case of a positive outcome for the company or vice-versa.

Some believe Ripple has the upper hand in the spat, having secured three vital (yet partial) court victories throughout 2023. XRP’s price skyrocketed by over 70% mere hours after the first triumph in July last year. Back then, Judge Torres ruled that Ripple’s programmatic sales to secondary trading platforms do not constitute offers of investment contracts.

Those willing to learn more about the case and its possible impact on XRP, please take a look at our dedicated video below:

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