US Presidential Candidate Robert F. Kennedy Jr has confirmed his support for Bitcoin again, saying that it prevents the manipulation of the Money Supply.
Robert F. Kennedy has been expressing support for Bitcoin throughout his campaign, saying that US citizens need the freedom to invest in assets of their choice.
In a June 28 tweet, Robert F. Kennedy Jr expressed that he would support Bitcoin and ensure that all US citizens have the right to hold their Bitcoin and make it inviolable. He added that it is a nice tool to save US citizens from totalitarianism and manipulation of the money supply.
US presidential candidate Robert F. Kennedy Jr confirms his support of Bitcoin
Robert F. Kennedy Jr is a presidential candidate for the Democratic Party in the US and has come forwards so as not to be shaken by controversy. He recently challenged a debate on COVID vaccines and their effectiveness. He is also the first ever US president to accept Bitcoin donations for his campaigns.
He also has expressed his support for the world’s premier cryptocurrency, saying that US citizens deserve the right to hold and trade Bitcoin without government interference. On June 28, he posted a tweet reading.
“As president, I will ensure that your right to use and hold Bitcoin is inviolable. Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, and it points the way toward a future in which government institutions are more transparent and democratic.”
The tweet also came with a video that explained that his Bitcoin donations would be through the Lightning Network. He added that he would support people to own Bitcoin and holding their Keys like they hold keys for their cars and property.
He added that he wants to help the Bitcoin community continue with the dream as long as they turn to carbon-free power supply methods like recycling and re-using power. He added that he, however, doesn’t believe that the environmental impacts of Bitcoin should be used as a smoke screen to bar people from using it.
He also hit back at the government for the weaponization of money, saying that Bitcoin fights against this and upholds the rights that US citizens have been given by their constitution to have freedom over their possessions.
As president, I will make sure that your right to use and hold Bitcoin is inviolable. Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more… pic.twitter.com/rPkMARieYu
— Robert F. Kennedy Jr (@RobertKennedyJr) June 27, 2023
This development comes when lawmakers like Elizabeth Warren have called for an anti-crypto army to oppose the industry due to impacts on the environment and the dollar’s strength. In other news, regulators in the US are going hard after crypto industries without first putting workable regulatory frameworks.
However, only time will tell if the tide will change to pro-crypto in the country. Amid that, keep watching Fintech Express for updates on crypto and other Fintech-related stories.
Decentralized derivatives exchanges are seeing an increase in traffic as regulators continue cracking down on centralized exchanges
On June 27, the DEX to CEX futures trading volume ratio hits a new ATH.
On June 27, the DEX to CEX futures trading volume ratio recorded a new all-time high though DEXs still have fewer futures trading volumes. These developments show growing discontent in the centralized crypto markets like Binance and Coinbase as regulators go harder after them.
Decentralized Exchanges (DEXs) keep getting more attention
Decentralized derivatives exchanges attracted much attention recently as regulators are going after centralized counterparts harder. The US SEC, for instance, is charging both Binance and Coinbase, while Binance has been asked to stop operating in several countries recently.
Amid this, the DEX to CEX futures ratio reached a new ATH. However, DEXs still account for a small portion of futures trading volume. However, it shows a growing trend of investors turning to decentralized platforms as regulators do not have much oversight over them.
This development comes at a time when more attention from investors is heading to the Decentralized Finance sector. On June 26, Fintech Express reported on an analysis of the DeFi markets showing a 15% spike in market capitalization due to the destabilization of the centralized options due to regulatory uncertainties.
A shift to the decentralized finance sector will continue as regulators continue going after centralized protocols. However, nothing is promised as many factors influence the crypto market and thus may vary greatly from time to time. Do your research before engaging in any crypto activity.
Keep watching Fintech Express for more updates on crypto and other fintech-related developments.
Chibi Tokens have dropped by 98% in value after the team behind Chibi Finance withdrew liquidity.
The team appears to have made away with over $1M.
On 27 June 2023, Chibi Finance conducted an exit scam on the project. The team removed liquidity from the Arbitrum-based protocol, which was then bridged to Ethereum, where 555 ETH, approximately $1,041,141, was deposited into the crypto mixer Tornado Cash before being transferred to individual wallets across other networks.
More scams in the crypto space as Chibi Finance pulls the plug on its customers
Chibi Finance also deleted its Twitter account and website, confirming the exit scam. This is not the first such scam in the crypto space. So far, in 2023, CertiK has confirmed over $14M lost in scams on the Arbitrum network across 12 incidents.
This attack could have been possible as Chibi developers had the chance to deploy a malicious contract that allowed them to siphon funds from Chibi’s smart contracts, according to security firm Certik.
The team managed to get away with around 555 ETh that transferred from Arbitrum to Ethereum. It then used the unpopular crypto mixer, Tornado Cash, to launder the loot before sending it across different networks.
According to Certik, EOA 0x80c1ca8f002744a3b22ac5ba6ffc4dc0deda58e3 removed the following assets from the project’s contracts:
256,012.95 USDC
94.67 WETH
4.25520843 WBTC
115,049 USDT
89,563.95 ARB
Certik also noted that:
“All contracts were created by the Deployer of Chibi Finance. The deployer set the malicious contract as the `_gov` address giving the contract the ability to call `panic`. This function allows the malicious contract to `emergencyWithdraw` funds to the exit scammers address.”
No action on the Chibi team or clarity for investors has been taken. Meanwhile, keep watching Fintech Express for updates on this and other fintech-related stories.
Tension has subsided in the oil markets after Belarus’s Lukashenko brokered a peace deal between Yevgeny Progozhin and President Vladimir Putin.
Pregozhin had attempted to overthrow Putin over claims that the Russian Military had killed his Wagner paramilitary soldiers but aborted the mission after 24 hours only.
The oil markets had feared that any disruption in Russia would impact the global supply chain as resources get focussed on another ware other than oil production.
Oil markets have calmed down due to the brokerage of the peace deal between rebel Yevgeny Prigozhin, the head of the Wagner group, and President Putin. Prigozhin had led his army of mercenaries to the Russian capital in an attempt to eject President Putin for alleged attacks on his men.
Hope in sight for oil markets after Belarus brokers Russia peace deal
Oil markets have settled after prices started to hike following the news that a civil war could have impacted Russia. The oil markets are now calm as investors are promised that Prigozhin will no longer attempt a coup against Putin after a peace deal was brokered by President Lukashenko, who will oversee Prigozhin being transferred to the country.
Russia is a major oil producer, making further constraints like a civil war enough to impact the global supply chain. As such, investors watched warily as the coup attempt began on Saturday, which could have ended Putin’s 23 years of power.
The Wagner Group paramilitary had taken control of Rostov, where several major oil and gas pipelines intersect, before the coup attempt was called off. This act held the oil markets, hostage, as any disruption in the country would have greatly reduced the global oil output.
West Texas Intermediate futures were up marginally by about 0.22% in afternoon trade in Asia, initially rising as much as 1.3% to just below $70 a barrel earlier Monday, followed by last week’s almost 4% decline.
Brent crude was trading about 0.3% higher at midday in Asia.
“If it had led to disruption in oil supplies from the Russian state, I think what you would have seen is a disruption which could have been anything from a couple of million barrels all the way up to 3.5-4 million barrels,” said Standard Chartered’s Alok Sinha told CNBC.
“Now that kind of disruption even if it’s short term could have really roiled the markets really badly,” he added.
Keep watching Fintech Express for more updates on Macro-finance and other Fintech-related developments.
Decentralized finance has seen a growth in market capitalization as harsh crypto regulation is happening globally.
Over the past two weeks, similar timing with Coinbase and Binance legal charges by SEC in the US, Decentralized Finance (DeFi) has increased market capitalization by over 15%.
DeFi has seen a market cap spike of 15% in the past two weeks as the US and other global regulators are going harder after crypto organizations. The market capitalization has increased by $6.3 billion in the time frame from $41.5 billion to $47.8 billion.
Crypto users to turn to Decentralized Finance (DeFi)?
As US regulators work to ‘protect’ citizens from risky crypto organizations, investors have taken a step back from centralized crypto organizations driving the numbers in the Decentralized Finance (DeFi) sector up.
This June, the US Securities and Exchanges Commission (SEC) pressed charges against the two largest crypto exchanges in the country, Binance and Coinbase. It alleged that the two organizations were functioning as securities brokers in the country without its knowledge. As such, it wants them to cease operations to ‘protect’ citizens and/or stop offering certain services altogether.
The SEC alleges that the two exchanges have parallels with the fallen FTX crypto exchange, thus putting US citizens’ investments at risk. The exchanges have hit back with Coinbase planning an exit as Binance challenged the SEC to show that it has been mixing its Binance.US platform funds with its International platform and that it has spent customer deposits.
These allegations have come to the front as weak as the SEC has yet to prove that any exchanges are wrong. As such, crypto users have been calling for a US market exit as the country only accounts for 15% of the total global crypto remit. As such, a spike has been noticed in the DeFi markets, with Decentralized Exchanges like Uniswap and PancakeSwap experiencing a growing number of daily users.
Altogether, over $6 billion has been added to the DeFi markets capitalization in the two weeks, showing growing dissatisfaction with how the Centralized part of the crypto industry is regulated.
Keep watching Fintech Express for more updates on crypto and other Fintech-related developments.
