Crypto News Digest by U.Today

Here are the top four news stories from the past day as featured by U.Today.

Ethereum just surpassed $1,700

Yesterday, Ethereum, the second-largest cryptocurrency, broke above the $1,700 level on the Bitstamp exchange, breaking through resistance. The reason for this increase could be that the US Federal Reserve raised the interest rate by 75 basis points. After the rise, the market saw the value of ETH and other cryptocurrencies including Bitcoin soar. Ethereum is also seeing strong bullish momentum due to the Merge event, which is expected to take place in September. At press time, ETH is changing hands at $1,733, up 6.2% in the last 24 hours.

Ripple’s General Counsel Calls SEC Tactics “Bullying”

In a recent series of tweets, Ripple General Counsel Stuart Alderoty poured cold water on the SEC’s approach to crypto markets, calling it “bullying.” He also slammed Rep. Sherman’s “irrelevant remarks” during a surveillance hearing focused on the SEC’s enforcement division last week, blaming him for putting “his thumb on the scale of crypto’s biggest enforcement case: SEC vs. Ripple”. Alderoty believes that instead of providing regulatory clarity that the crypto market has long been waiting for, the agency is filing unproven claims masquerading as regulation. The attorney general also pointed to the urgent need for a comprehensive legislative framework for crypto and urged Congress to fix the “mess.”

Shiba Inu Worth $3 Million Bought By This ETH Whale In 2 Days

According to WhaleStats, in two days, a large ETH whale called “BlueWhale0159” added another 267 billion SHIB valued at nearly $3 million to his portfolio. Meanwhile, SHIB remains the largest position in ETH whales, aside from Ethereum itself, by dollar value. This group of investors has $45.45 trillion of SHIB on their balance sheet at $503 million, which equates to 19.76% of their total portfolio. It’s not yet clear whether the whale buying precedes the positive news about SHIB or vice versa, but it appears these events go hand in hand. For example, the aforementioned $3 million purchase took place before the news of SHIB get used to paying wages. However, there was always news of SHIB being adopted as a form of payment, or the development of the Shiba Inu ecosystem popping up somewhere nearby.

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Huge 40 million XRP shoveled to centralized exchange

July 28, anonymous whales reportedly moved around 40 million coins worth nearly $15 million to the centralized exchange. The address that made the transfer is now worth less than 100 XRP. The wallet has consistently made various transactions from 5 to 150 million XRP on centralized exchanges. The overall transaction pattern of the wallet shows that it is most likely tied to a service rather than a trader or investor. The most recent large transaction was 110 million XRP, received from another anonymous wallet ending in “A9dCD”, which mostly replicates the pattern we saw on the initial whale wallet. The majority of the deals we see there are worth around $10-15 million.

At the moment, XRP is trading at $0.36, up 1.7% in the last 24 hours.