Crypto News Digest by U.Today

Here are the top four news stories of the last day presented to you by U.Today.

Ethereum just rose above $1700

Yesterday, Ethereum, the second largest cryptocurrency, rose above the $1,700 level on the Bitstamp exchange, breaking through resistance. The reason behind the increase may be that the US central bank is raising interest rates by 75 basis points. After the hike, the market saw ETH and other cryptocurrencies, including Bitcoin, rise in value. Ethereum is also experiencing strong bullish momentum due to Merge event, which is expected to take place in September. At the time of publication, ETH is trading 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 has completely cold water on the SEC’s approach to crypto markets, calling it “bullying.” He also criticized Rep. Sherman’s “unintelligible comments” during an oversight hearing focused on the SEC enforcement division held last week accused him of putting his “thumb on the scale of the biggest enforcement case in crypto: SEC vs. Ripple.” Alderoty believes that instead of providing regulatory clarity that the crypto market has long awaited, the agency is filing unproven claims masquerading as regulation. The attorney general also highlighted the urgent need for comprehensive crypto legislation 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 named “BlueWhale0159” added another 267 billion SHIB valued at nearly $3 million to his portfolio. Meanwhile, SHIB remains the largest ETH whale’s position, aside from Ethereum itself, by dollar value. This group of investors has $45.45 trillion worth of SHIB on its balance sheet of $503 million, which is 19.76% of their total portfolio. It is not yet clear whether the whale purchases precede the positive news about SHIB or vice versa, but it appears that these events go hand in hand. For example, the aforementioned $3 million purchase happened before the news about SHIB get used to paying wages. However, there was always news of SHIB adoption as a means of payment, or the development of the Shiba Inu ecosystem appearing somewhere nearby.

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Huge 40 million XRP disappointed to centralized exchange

On July 28 anonymous whales was reported to move 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 continuously made various 5-150 million XRP transactions on centralized exchanges. The overall transaction pattern of the wallet shows that it is most likely linked to a service rather than owned by a retail trader or investor. The last large transaction was 110 million XRP, received from another anonymous wallet ending in “A9dCD”, which mostly replicates the pattern we saw on the first whale wallet. Most of the transactions we see on it are worth around $10-$15 million.

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