ETH Surged Past $1,700, Ripple General Counsel Says SEC “Bullying” Crypto, SHIB Worth $3

Here are the top four news stories over the past day presented to you by U.Today.

Ethereum just surged past $1,700

Yesterday, Ethereum, the second largest cryptocurrency, surged above the $1,700 level on the Bitstamp exchange, breaking through the resistance. The reason behind the increase might be the U.S. Federal Reserve hiking the interest rate by 75 basis points. Following the hike, the market saw ETH and other cryptocurrencies, including Bitcoin, spike in value. Ethereum is also experiencing strong bullish momentum because of the Merge event, which is expected to take place in September. At the moment of publication, ETH is changing hands at $1,733, up 6.2% over the past 24 hours.

Ripple general counsel calls SEC’s tactics “bullying”

In a recent series of tweets, Ripple General Counsel Stuart Alderoty has poured cold water on the SEC’s approach to crypto markets, calling it “bullying.” He also criticized Rep. Sherman’s “off-base remarks” during an oversight hearing focused on the SEC enforcement division held last week, blaming him for putting “his thumb on the scale of the largest enforcement case in crypto: SEC vs. Ripple.” Alderoty believes that instead of providing regulatory clarity the crypto market has long been waiting for, the agency files unproven allegations masquerading as regulation. The general counsel also highlighted 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 almost $3 million to his portfolio. Meanwhile, SHIB remains the largest ETH whales’ position, aside from Ethereum itself, by dollar value. This group of investors has $45.45 trillion worth of SHIB on their balance sheet at $503 million, which equals 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 seems that these events do go hand in hand. For example, the aforementioned $3 million purchase happened before the news of SHIB getting used for paying salaries. However, there was always news of SHIB adoption as a means of payment, or the development of the Shiba Inu ecosystem popping up somewhere nearby.

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Enormous 40 million XRP shoveled to centralized exchange

On July 28, anonymous whales were reported to shift around 40 million coins worth almost $15 million to the centralized exchange. The address that conducted the transfer is now worth less than 100 XRP. The wallet has been constantly making various 5-150 million XRP transactions on centralized exchanges. The general transaction pattern of the wallet shows that it is most likely tied to some service rather than owned by a retail trader or investor. The most recent large transaction was 110 million XRP, received from another anonymous wallet ending in “A9dCD,” that mostly replicates the pattern we saw on the initial whale wallet. The majority of transactions we see on it are worth around $10-$15 million.

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