TL;DR

This week in crypto news, Sam Bankman Fried's court trial captured attention, XRP surged after receiving a Singapore license, and concerns over Ethereum's centralization were raised by JP Morgan. Additionally, Dogecoin miners are selling off their holdings, and a fundraising initiative called 'Crypto Aid Israel' was launched amid ongoing conflict.

Key Takeaways

Sam Bankman Fried's court trial began, determining his fate after charges of fraud.
XRP's price surged 5.3% following positive legal news and a new license in Singapore.
JP Morgan's report raised concerns about Ethereum's centralization and declining staking yields.
Dogecoin miners are selling large amounts of DOGE, potentially impacting prices.
'Crypto Aid Israel' was launched to support families affected by the recent conflict.

Much-Anticipated Sam Bankman Fried’s Court Trial

The crypto community has been closely following the courtroom trial of Sam Bankman Fried, the former CEO of FTX. Arrested in December 2022 on charges of money laundering and fraud, his trial began on October 3rd, 2023, at the Daniel Patrick Moynihan Courthouse in New York. For detailed insights into the trial's first two days, click here.

XRP’s Price Surges as Ripple Got Singapore License & SEC Losing Bid to Appeal

This week marked a significant moment for XRP and its investors, with prices rising by 5.3% and trading volume spiking to $1.7 billion. This surge followed a District Judge's rejection of the SEC's appeal in Ripple's case, bringing relief to the crypto community. Additionally, the Monetary Authority of Singapore granted Ripple a license to operate its digital payment token services.

JP Morgan Report Questions Ethereum’s Growing Centralization & Declining Staking Yield

A recent JP Morgan report highlighted concerns regarding Ethereum's increasing centralization and declining staking yield. The report warns of risks posed by a concentrated group of liquidity providers and notes that the staking yield rate dropped from 7.3% before the Shanghai Upgrade to 5.5% after the hard fork.

Integration of BIP324 in Bitcoin’s p2p Network to Resist Cyber Attacks

Jameson Lopp, co-founder of Casa, announced on Twitter that Bitcoin's p2p network is set to become more secure against man-in-the-middle attacks with the integration of Bitcoin Improvement Proposal (BIP) 324. This upgrade enhances the security of node communications within the network.

DOGE Miners Selling their Holdings in Large Numbers

Recent data shows that Dogecoin miners are selling off their holdings, which could negatively impact DOGE prices. Between August and October, the number of DOGE held by miners decreased from 4.67 billion to 4.35 billion.

Creation of ‘Crypto Aid Israel’ to Raise Funds Amid Gaza Conflict

In response to the recent conflict between Israel and Palestine, a coalition of Israeli crypto executives announced 'Crypto Aid Israel.' This initiative aims to raise funds for Israeli non-profit organizations to provide support for families affected by the violence.

Conclusion

This week in crypto was marked by legal battles, significant market movements, and new initiatives. The outcome of Bankman Fried's trial remains uncertain, and the crypto community is keenly observing Ethereum's response to JP Morgan's report. Stay tuned for more updates in the coming weeks.