Coin Informer is back with our Weekly news, discussing top news headlines of the crypto industry in an easy way. Like every week, this week was also full of chaos, courtrooms, and legal fights. Sam Bankman Fried’s court trial became a top story in the crypto landscape, while JP Morgan’s Ethereum report took many investors’ sleeps. So, without not wasting much time, let’s demystify the top crypto weekly news.
Much-Anticipated Sam Bankman Fried’s Court Trial: Crypto Weekly News
The crypto community and the whole world were waiting for the courtroom trial of Sam Bankman Fried (Ex-Chief Executive of FTX). Bankman Fried was arrested in December 2022 by the US Justice Department in the Bahamas on the charges of money laundering and fraud activities. Nearly after ten months, his courtroom trials will tell the fate of Bankman Fried. On October 3rd, 2023, the day one trial was completed at Danil Patrick Moynihan Courthouse In New York. Read our previous blog for detailed insights into the day 1 & 2 trials. Click here:
XRP’s Price Surges as Ripple Got Singapore License & SEC Losing Bid to Appeal: Crypto Weekly News
This week was a moment of celebration for XRP and its investors. On Wednesday, XRP’s prices rose to 5.3%, with a trading volume spiking to $1.7 billion compared to $900 million on Tuesday. The spike in prices wasn’t predicted. It was only the after-impact of the double wins of XRP.
On Tuesday, District Judge Analisa Torres rejected the SEC’s bid to appeal in Ripple’s case, offering peace of mind to Ripple and the whole crypto community. XRP was enjoying this win, but another good news awaited their doors.
On Wednesday, the Monetary Authority of Singapore approved a license to Ripple, allowing it to run its digital payment token services.
JP Morgan Report Questions Ethereum’s Growing Centralization & Declining Staking Yield: Crypto Weekly News
JP Morgan’s recent research report largely emphasized the concerns over Ethereum’s growing centralization and declining staking yield. The report highlights the risk of a concentrated group of liquidity providers (node operators) posing a threat of attacks against Ethereum’s network and integrity. The report also sheds light on the decline in staking yield on Ethereum. Before the Shanghai Upgrade, the total staking yield rate on Ethereum was 7.3%. However, after the Shangia Hard Fork development, the staking yield rate declined to 5.5%. JP Morgan’s report has surely raised debates on Ethereum and overall decentralization issues in the crypto landscape.
Integration of BIR324 in Bit coin’s p2p Network to Resist Cyber Attacks: Crypto Weekly News
Jameson Lopp, co-founder of Casa and Staunch Bitcoin Advocate, goes to Twitter and writes,
‘Bitcoin’s p2p network is about to become more secure against man-in-the-middle attacks. BIP324 enables nodes to opportunistically encrypt their communications with peers on the network’.
In simple words, the Bitcoin peer-to-peer (p2p) network has undergone a security upgrade with the merger of Bitcoin Improvement Proposal (BIP) 324. This new feature will act as a resistance against the cyber-attacks.
DOGE Miners Selling their Holdings in Large Numbers: The End of Dogecoin Near?
Recent data indicates Dogecoin miners are selling their holdings in large numbers. This would further worsen the DOGE’s prices in the future. Above all that, their selling can impact the whole crypto market since DOGE miners are some of the largest holders. According to IntoTheBlock data, between August and October, Dogecoin miner numbers dropped from 4.67 billion to 4.35 billion DOGE.
Creation of ‘Crypto Aid Israel’ to Raise Funds Amid Gaza Conflicted: Crypto Weekly News
On Saturday, a war broke out between Israel and Palestine, becoming a top news headline around the globe. A Palestinian militant group called Hamas attacked southern Israel, resulting in 800 Israelis and many getting misplaced. On Monday, ‘Crypto Aid Israel, a fundraising project, was announced by a coalition of Israeli crypto executives. Crypto Aid Israel’s founders will send digital donations to Israeli non-profit organizations to aid families with food, clothing, medical treatment, and more.
Takeaway:
With this, Coin Informer would like to wrap up this edition of Crypto Weekly News. This week witnessed legal battles, court trial, integration of new features, and digital fundraising in the crypto landscape. For next week, nothing can be predicted since digital is so dynamic. But it will be exciting to see where Bankman-Fried’s courtroom trial goes. Moreover, we are all waiting to see Ether’s response to JP Morgan’s report. So, stay tuned with us, and don’t forget to read our upcoming blog.
