👀 Bitcoin hits $138,000 on Binance US!

Good Morning! Welcome to Coinsauce Chronicles, your home for the latest crypto stories, updates and highlights. A lot has happened in the past 24 hours, so let's dive straight into today's top stories.

Trending for the day 👇️ 

1. 💪 Keep ‘em coming - Valkyrie Investments re-applies for Bitcoin Spot ETF ‘BRRR’.

2. 🔝 Unexpected ATH’s - Bitcoin price on Binance US briefly hit $138,000 in a flash rally!

3. 🙈 Inflation Wrestling - UK and Turkey continue to rise interest rates to combat inflation.

A tsunami of ETF’s 🌊 

Ever since BlackRock set the ball rolling with its application for a spot Bitcoin ETF last week, multiple more filings from top investment managers to list similar products on U.S. exchanges have emerged.

The latest to join (or should we say re-join?) the race is Valkyrie Investments, which submitted an updated proposal for a spot Bitcoin ETF to the SEC just a few hours ago ❗️ 

The ticker symbol ‘BRRR” likely very cleverly references the viral meme "Money Printer Go Brrr," which criticizes the Fed’s approach of minting infinite money as their convenience to control the economy.

Valkyrie already has a fair amount of skin in the game when it comes to digital asset-related ETFs, having launched a Bitcoin Futures ETF in Oct 2021 and a Bitcoin Miners ETF in Feb 2022.

The list of firms that have applied for a spot bitcoin application in the last week, and their respective AUMs include 👇️ 

1. BlackRock - $10 Trillion

2. Fidelity - $4.5 Trillion

3. Investco - $1.4 Trillion

4. WisdomTree - $87 Billion

5. Bitwise - $1.2 Billion

6. Valkyrie - $1 Billion

We wonder who’s next to join the race!

Unwanted All-Time-Highs 📈 

In a blink-and-you'll-miss-it moment at 6:50 a.m. UTC, the price of Bitcoin surged to a staggering $138,000 on Binance US, due to a lack of market depth on the BTC/USDT trading pair 🚀 

This flash rally lasted only for a few seconds, after which the prices returned to normal. Since May, the market depth on the platform has reduced by over 75%, thanks to the ongoing crypto winter and the latest lawsuits by the SEC against the exchange.

Market depth data shows that a $400,000 bitcoin buy on the BTC/USDT trading pair can still increase prices by 2%, compared to a minimum of $842,000 for the same impact on a BTC/USD trade pair on the same platform 🙈 

Always remember folks, use limit orders and analyze the market depth before buying or selling large quantities of cryptos, especially altcoins. Alts usually have extremely low liquidity on exchanges, and any operational error can cost you big. Be alert and trade safe!

Macro Updates 🙏 

Although inflation and rate hikes seem to have peaked in the US, the situation around the globe for many countries is much different 👀 

In a quest to battle inflation, Turkey's central bank has hiked interest rates in the country by 6.5%, lifting the benchmark rate from 8.5% to directly 15%. They will be further gradually tightening the rates until inflation improves. Inflation in May stood at 40% 🤯 

Meanwhile, in the UK, the Bank of England also raised interest rates by 50 bps, from 4.5% to 5%, which was above the expected consensus of 25bps. This was the 13th consecutive rate hike by the central bank, and it still remains open for further hikes if inflationary pressures persist. CPI in the UK for the month of May remained at 8.7%.

As central banks across the globe are thriving for economic stability, institutions around the world are realizing the value of Bitcoin and the need for a decentralized and scarce alternative to fiat! What happens next is anyone’s guess, but one thing is for sure - Exciting times lie ahead!

Meme of the day

Mood right now 😂 

And with that, we wrap up today’s updates. Tune in again tomorrow for more highlights, memes and insights. Follow us on social media for giveaways, instant updates and much more! Until next time, au revoir!

Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decisions.

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