💧 Hard Landing - Down goes First Republic Bank 👀

Namaste & welcome to the latest edition of Coinsauce's daily crypto newsletter 💪 Allow us to be your guide through the exciting world of digital assets, so you can stay informed, educated and inspired! We've got all the latest updates and insights to keep you ahead of the game. Let's dive in! 💥🌊

What’s hot in the past 24 hours 👇

1. Liquidation games : Extreme volatility causes over $250 million of liquidations in 1 hr 👀

2. Accelerating De-dollarization : Chinese Yuan overtakes US dollars as most used currency in cross-border transactions ⚡

3. Incoming Recession? : US GDP slows down to 1.1% in Q1 2023 🙈

Arkham Alert’s Oopsie sends Bitcoin tumbling down the hill 🔻

Yesterday, $BTC took a 7% nosedive in just an hour, thanks to blockchain analytics firm Arkham Intelligence’s alert "bug fix" gone wrong 😓 The alert claimed that wallets belonging to Mt. Gox and the US government were moving large amounts of Bitcoin, causing panic among investors, who feared a massive sell-off 😪

However, the alert turned out to be the result of a simple bug on Arkham's system, that caused previously configured alerts to be triggered erroneously.

Unfortunately, the damage was already done, with the derivatives market taking a major hit. Crypto traders experienced over $255 million in liquidations, with Bitcoin traders alone losing almost $100 million. (Just another day in crypto 🙈)

Moral of the story: Always manage your risk effectively and avoid taking leveraged positions. The market is always manipulated to make the whales profit at the expense of retailers. Risk management is the only way to win this rigged game ❗️

Yuan in the spotlight 💡 

🚀 The yuan is on the rise! 🌟 In March 2023, China's currency surpassed the almighty dollar as the most widely-used currency for cross-border transactions. Talk about another major milestone! 💰

According to Bloomberg research, cross-border payments and receipts in yuan skyrocketed to a record $549.9 billion in March, up from $434.5 billion the previous month.

The yuan's share of China's cross-border payments and receipts also reached a record high of 48% in March 2023, up from practically zero back in 2010. Meanwhile, the dollar's share plummeted from 83% to 47% over the same period. 💹

The yuan has been gaining popularity as a settlement currency for cross-border trades, and it looks like this trend is only going to continue! 📈

In other news, Argentina has also decided to partially ditch the US dollar to pay for imports in Chinese yuan 👀 The BRICS are also working on creating a trading currency of their own to slowly steer away from the US dollar 💥

Looks like the yuan is really giving the dollar a run for its money 💰

Signs of slowdown 🐌

The US economy is hitting the brakes! 🚗💨

According to the Bureau of Economic Analysis, GDP growth in Q1 2023 fell short of expectations, coming in at just 1.1%, in comparison to the 2% growth rate anticipated by the overall market 📉

This was also way below the growth rate of the previous quarter, which was a not-too-shabby 2.6% 📈.

This could be a sign that businesses are bracing themselves for a potential recession, which has been looming on the horizon for some time now ⛈️.

A separate report from the Labor Department on Thursday also showed initial claims for state unemployment benefits decreased by 16,000 claims to 230,000, which was also lesser than the 248,000 claims that the economists had expected, indicating a strong labor market.

Decelerating economy + Strong Labor Market + High Inflation = Further Rate Hikes? Only time will tell! 📆 Rest assured, we will keep you updated with all the further developments and announcements by the FED, so don’t forget to subscribe to our newsletter 📰 

Meme of the day

Newbie traders getting liquidated 1hr after taking trades on 10X leverage 😂

And that’s a wrap! Thanks for joining us on Coinsauce Daily 😅 We hope you found today’s read informative and insightful. Remember to HODL tight and embrace the blockchain revolution 🙌 As the crypto world keeps spinning, we promise to keep you in the loop! Until next time, keep your wallets full and your minds open ❗

Disclaimer: This newsletter is for educational purposes only and does not constitute financial advice or an offer to buy or sell assets. You must exercise caution and conduct your research before making any financial decisions.