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The Fight Between Elon Musk and Donald Trump Hit the Crypto Market!
The highly publicized confrontation between US President Donald Trump and Tesla and SpaceX CEO Elon Musk has caused serious volatility not only in Washington but also in the crypto markets. In particular, Musk's outburst against Trump's controversial spending bill, dubbed the “Beautiful Bill”, led to a sharp sell-off in Bitcoin and altcoins. Spot ETF outflows, billion-dollar-plus liquidations and shaken investor confidence left markets with one of the harshest days of June 2025.A wave of selloff in the crypto market: $1 billion in liquidationsMusk-Trump tension has turned the markets upside down. The price of Bitcoin (BTC) fell by over 4% to around $100,000, while leading altcoins such as Ethereum (ETH), Solana (SOL), XRP and Binance Coin (BNB) lost between 4% and 8%. Ethereum, in particular, hit a weekly low of $2,400 after being rejected at $2,700. According to Coinglass data, $260 million worth of long positions were liquidated in ETH futures alone. The total value of cryptocurrencies dropped from $3.4 trillion to $3.3 trillion. Total daily liquidations exceeded $ 1 billion. On the Bitcoin side alone, $341 million worth of positions were closed. Most of these liquidations were due to long positions. Yesterday's $278 million outflow from spot BTC ETFs also shows that institutional investors are reacting to the uncertainty caused by the Musk-Trump conflict. Heavy accusations from Elon Musk against TrumpThe issue that sparked the tension was the giant spending bill in Congress. Elon Musk slammed the bill, arguing that it “disgraced” the US budget. Twitter founder Jack Dorsey supported Musk by suggesting Bitcoin as an alternative in this process. In his response, Trump announced that he would cancel Musk's government contracts. Musk responded to this threat by announcing that SpaceX would retire the Dragon spacecraft.But the tension did not end there. Musk signaled a new scandal by claiming that Trump was named in the Epstein documents and therefore had not released them until now. These statements shook the balance in Washington and weakened Elon Musk's position on the political front. Musk loses $27 billion, Tesla shares plummetElon Musk's harsh outbursts against Trump have shaken both his political allies and his financial power. As it is known, Musk frequently voiced his support for Trump during Trump's presidential campaign. While Tesla shares fell, Musk lost a fortune of 27 billion dollars this week alone, according to Forbes data. He is still the richest person with a fortune of 388 billion dollars.In the House of Representatives, many Republicans openly criticized Musk while supporting Trump. Texas Republican Troy Nehls lashed out at Elon, saying, “He's acting like he's out of his mind.” Florida Representative Aaron Bean, known as a DOGE supporter, described it as “two friends getting into a fight,” but his efforts to defuse the situation were ineffective.Are we entering a new period of uncertainty for the crypto sector?This conflict between Musk and Trump directly affects both the tech world and the crypto markets. In particular, Musk-influenced assets such as Bitcoin and DOGE are now more fragile due to the political winds. On the other hand, although new liquidity inflows to crypto markets are expected if the spending bill is passed, political tensions seem to overshadow investor confidence in the short term.
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6 Jun 2025
Daily Market Summary with JrKripto 6 June 2025
You can find today’s edition of “Daily Market with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze the overall market conditions together and review the latest insights.Bitcoin (BTC), after starting its long-term uptrend at $75,930 and reaching an all-time high (ATH) of $111,980, faced strong profit-taking. The downward break of the ascending channel on the 4-hour chart, followed by the loss of the $104,977 support, pushed the price quickly down to around $101,150. This drop, accompanied by high-volume selling across the last four candles, signals more than a mere technical breakdown—it indicates a decisive wave of selling. Additionally, the political tension between U.S. President Trump and Elon Musk has increased market uncertainty, further supporting the bearish pressure.BTC is currently trading around $103,200, with the $101,059–$100,063 range standing out as a strong support zone. This area previously attracted buying interest and is once again showing signs of buyer re-entry. If this zone fails to hold, the next levels to watch are $96,914 and $96,115. On short-term recoveries, the $102,137 and especially the $104,977 levels should be monitored as resistance. As long as these levels remain unbroken, upward moves are likely to stay limited. However, the price has shown a notable reaction from the current support zone, increasing the probability of a short-term rebound.Ethereum (ETH) tested $3,004 after climbing from $1,486, but has since entered a correction and is now trading at $2,460. Technically, the $2,385 level acted as critical support and sparked a significant bounce, though price action remains close to this zone. If this support fails, $2,098 and $2,004 are the next levels to follow.For bullish momentum to resume, ETH must break above the $2,711 resistance. If this level is cleared, targets include $2,838 and $3,004. Like BTC, ETH has also seen a meaningful bounce from support. Sustaining above $2,385 is essential to maintain the positive outlook.Crypto NewsThe European Central Bank (ECB) implemented a 25bp rate cut.Chinese state media reported a conversation between President Trump and President Xi.BounceBit added support for $USD1, the stablecoin of World Liberty Financial.Circle, issuer of USDC, saw its stock surge 200%, rising from its $31 IPO price to $94.41.Uber is reportedly exploring the use of stablecoins as a payment method.World Liberty Financial sent a cease and desist notice to Fight Fight Fight LLC, the issuer of the Trump memecoin.Truth Social registered Bitcoin and Ethereum ETFs in Nevada.Tesla lost $150 billion in market cap, marking the biggest loss in the company’s history.Top Gainers in CryptoFARTCOIN → Up 15.6% to $1.04COMP → Up 12.9% to $49.36LA → Up 6.1% to $1.54GRASS → Up 4.5% to $1.99KTA → Up 4.4% to $1.08Top Losers in CryptoRVN → Down 34.6% to $0.01458774LDO → Down 11.3% to $0.7718249TRUMP → Down 10.4% to $9.72JUP → Down 9.6% to $0.46357394DOG → Down 9.1% to $0.00425333Fear IndexBitcoin: 51Ethereum: 41DominanceBitcoin: 64.56% ▲ 0.01%Ethereum: 9.35% ▲ 0.24%Daily Net ETF FlowsBTC ETFs: -$278.40 millionETH ETFs: $11.30 millionKey Economic Data to Watch Today15:30 – Average Hourly Earnings (MoM) (May)Forecast: 0.3% / Previous: 0.2%15:30 – Non-Farm Payrolls (May)Forecast: 126K / Previous: 177K15:30 – Unemployment Rate (May)Forecast: 4.2% / Previous: 4.2%Global MarketsAs of the morning of Friday, June 6, 2025, global markets are preparing to end the week with cautious optimism. The resumption of high-level trade talks between the U.S. and China has supported global risk appetite, though weak economic data and political tensions are keeping investors cautious.U.S. stock markets have shown a volatile trend. Tesla shares fell sharply after Donald Trump criticized Elon Musk. Trump's statement that he may cancel government contracts with Musk’s companies increased selling pressure on tech stocks. Following this, the Nasdaq declined, while the S&P 500 and Dow Jones ended the day with slight losses.On the macro front, weak data stood out. The ADP private sector employment report showed an increase of only 37,000 jobs in May—the lowest since March 2023. Meanwhile, the ISM services PMI fell to 49.9, signaling contraction in the services sector. These indicators suggest a deepening slowdown in the U.S. economy.In Europe, the ECB delivered its eighth rate cut of the year. However, the Eurozone services PMI also dropped to 49.7 in May, reinforcing signs of ongoing economic weakness in the region.Asian markets are performing more positively. China’s services PMI exceeded expectations, boosting buying appetite, especially in the Hong Kong and Japanese markets. Regional markets began the final trading day of the week on a strong note.Meanwhile, the OECD revised its global economic growth forecasts downward. Growth expectations for both 2025 and 2026 have been updated to 2.9%. The report cited uncertainty in trade policy, tightening financial conditions, weakening consumer confidence, and rising political risks as serious threats to growth.Today, global market attention will focus on the U.S. non-farm payrolls data. A weaker-than-expected figure could strengthen expectations for an earlier rate cut by the Fed. However, continued geopolitical tensions and weak economic indicators suggest cautious market sentiment will persist.Most Valuable Companies and Stock PricesMicrosoft (MSFT) → $3.48 trillion market cap, $467.68 per share, +0.82%NVIDIA (NVDA) → $3.42 trillion market cap, $139.99 per share, -1.36%Apple (AAPL) → $3 trillion market cap, $200.63 per share, -1.08%Amazon (AMZN) → $2.21 trillion market cap, $207.91 per share, +0.33%Alphabet (GOOG) → $2.05 trillion market cap, $169.81 per share, +0.25%Precious Metals and Exchange RatesGold: 4,245 TLSilver: 45.66 TLPlatinum: 1,475 TLUSD: 39.29 TLEUR: 44.91 TLSee you again tomorrow with more market updates!
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6 Jun 2025
BTC Comments and Price Analysis 5 June 2025
Bitcoin (BTC) Technical Analysis – 4-Hour Chart Current Outlook of BTC has broken below its ascending channel on the 4-hour chart and then lost the $104,977 support, leading to a sharp decline in value. After the breakdown, the price dropped as low as $101,150. The steep decline over the last four candles indicates that this move wasn't random; it reflects a strong and determined wave of selling, backed by volume.Not Just Technicals—Political Factors at PlayThe drop isn’t solely driven by technical indicators. A heated dispute between U.S. President Donald Trump and Elon Musk has shaken market sentiment. Trump referred to Musk as “crazy” and announced that government support for companies like Tesla and SpaceX would be cut off—indirectly impacting the crypto markets. Musk didn’t stay silent and openly responded to Trump. This back-and-forth has heightened uncertainty, especially among crypto investors.What Does the Technical Picture Show?Bitcoin is currently trading around $101,500. If it drops below this level, the $100,063–$99,289 range stands out as the first major support zone. This area has previously seen buying interest and upward price bounces.If this zone also fails to hold, the next support lies at $96,914. In other words, the $100,000 psychological threshold is of critical importance—if it breaks, the decline could accelerate significantly.On the other hand, in short-term recovery attempts, the $102,137 and particularly the $104,977 levels should be watched as resistance. Unless these areas are broken, any upward movement may remain weak and could be seen as selling opportunities.In Summary:Bitcoin is currently under technical pressure.Unless there’s a close above $105,000, the downtrend seems likely to continue.$100,000 is a key psychological level—dropping below could trigger panic selling.Political developments will continue to influence price direction in the short term.There is no clear sign of recovery at this point, so investors should remain cautious and closely monitor both technical levels and news flow.
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5 Jun 2025
Trump and Xi Held a Phone Call! Crypto Investors Alerted
As trade tensions between the US and China escalate again, Thursday's phone call between former US President Donald Trump and Chinese President Xi Jinping has once again turned the attention of global markets to the relationship between the two superpowers. The call, announced by China's official news agency Xinhua, was the first direct contact between the two leaders since their last contact in January. However, this contact does not mean that tensions will ease. This is because both sides accuse each other of reneging on the temporary trade truce reached in Geneva last month. This tension is creating a new environment that could affect both commodity prices and the course of Bitcoin and other digital assetsTrump: “Xi is extremely difficult to deal with”According to the Financial Times, just a day before the meeting, Trump had described Chinese leader Xi as “an extremely difficult person to deal with”. This statement was seen as a signal that the US would take a tougher stance against Beijing, while Washington's criticism of China's failure to fulfill its promises gained momentum. US officials are particularly concerned about delays in licensing processes for the export of rare earth elements and magnets. These materials are used in many critical sectors, from defense to electronics, and the US side argues that China is deliberately restricting the flow of these products.Beijing, for its part, accuses Washington of seriously violating the Geneva agreement. The Chinese Foreign Ministry has said that the new US warnings on the global use of Huawei chips, the halt on the sale of chip design software to Chinese companies and the revocation of visas for Chinese students are completely contrary to the spirit of the agreement.These mutual accusations suggest that a new compromise between the two countries will be difficult in the near term. Moreover, this crisis has not only affected the traditional trade sphere, but also wider areas such as technology and education.What does it mean for Bitcoin and crypto markets?A deepening trade war could affect cryptocurrency markets as much as traditional financial markets. In particular, new sanctions or supply chain disruptions between the US and China could trigger investors to turn to safe-haven assets. At this point, decentralized assets such as Bitcoin may come to the fore again during periods of increased geopolitical risks. In recent years, Bitcoin's positioning in the face of the economic policies of both China and the United States has been a carefully watched area of development for investors. China's past mining bans and US regulatory crackdowns clearly demonstrate the influence of these two superpowers on crypto. Therefore, deepening tensions between the two countries could mean both risk and opportunity for the crypto ecosystem. However, it is worth noting that these are only speculations. So, every investor should do their own research.
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5 Jun 2025
The US Seized $17 Million Cryptocurrency
US law enforcement has dealt a major blow to BidenCash, one of the dark web's best-known illegal marketplaces. According to a statement by the Department of Justice, 145 internet domains linked to BidenCash and approximately $17 million in cryptocurrencies were seized as part of the FBI-led operation.More than 15 million credit card details soldBidenCash, which has been operating since 2022, attracted attention by selling stolen credit card information, personal data and compromised login credentials on the dark web and open internet. The platform offered its users the opportunity to pay anonymously with cryptocurrency, providing both privacy and making it difficult to track. BidenCash, which is thought to have generated at least $17 million in revenue, served approximately 117,000 users.The platform also reportedly released millions of credit card details for free from time to time to expand its illegal operations. According to officials, between October 2022 and February 2023, 3.3 million credit card details were shared for free for promotional purposes. This data included highly sensitive information such as card numbers, expiration dates, CVV codes, first and last names, addresses, e-mail and phone numbers.A major operation was carried out with global cooperationThe operation was not limited to the US. In addition to the FBI, the US Secret Service, the Dutch National Police, and cybersecurity organizations such as the Shadowserver Foundation and Searchlight Cyber were also part of the operation. The 145 domains in question are currently redirected to official US government seizure pages. However, according to Arkham Intelligence data, authorities seized approximately $43,000 in Tether (USDT) assets during the operation. Although BidenCash's infrastructure was largely taken down, cybersecurity experts revealed that some domains linked to the platform are still active. Security researcher Vmprotect, using a tool called Domainhunter.pro, has identified at least seven active domains.New era against crypto-focused crimesThe year 2025 is characterized by law enforcement's tough fight against dark web and crypto-based crimes. In May, Europol detained hundreds of people in 10 different countries as part of “Operation RapTor” against the cryptocurrency-funded fentanyl trade. The BidenCash operation is seen as an extension of this global crackdown.Cryptocurrencies are frequently preferred for illegal activities due to their privacy and ease of cross-border transfer. However, as we have seen in examples like BidenCash, it is impossible to say that these illegal systems are “undetectable”.
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5 Jun 2025
Surprise Bitcoin Decision by British Gold Mining Company: Converting Revenues to BTC
Bluebird Mining Ventures Ltd., a gold mining company listed on the London Stock Exchange and operating in Asia, is merging traditional mining with digital assets. The company has announced a bold strategic transformation plan. The company plans to transition to a “digital gold” model by converting revenues from its flagship project in the Philippines into Bitcoin. The move is a first for a UK-based mining company.Bluebird to buy BitcoinBluebird completed the license renewal process for its gold project in the Philippines on May 6, 2025. Since then, negotiations with local partners have progressed positively. The company expects these negotiations to result in a binding agreement in the near future. With the new agreement, Bluebird will be able to continue to receive a profit share in the project without incurring any additional costs until the production phase. On the other hand, the company is preparing for the legal process to protect the value of its mining projects in South Korea. The company's legal team has completed the documents for the administrative lawsuit, which is planned to be filed before June 18, 2025. As the fate of the projects in South Korea remains uncertain, Bluebird is exploring alternative ways to capitalize on these assets without seeking new investment.The company's most notable move, however, is its new treasury management strategy, which aims to convert future revenues into Bitcoin. The company plans to systematically convert its gold earnings into Bitcoin and hold the digital asset on its balance sheet as a long-term reserve asset. Thus, it aims to offer investors returns on both traditional and digital custodians of value.Gold and “digital gold” togetherBluebird's Interim CEO and Board Member Aidan Bishop said: “I am very pleased with the negotiations in the Philippines, and once this process is successfully completed, Bluebird will maintain a stake in the project with no future cash obligations.” He also emphasized that with the “gold plus digital gold” strategy, the company can move forward with stronger steps into the future.The company is also looking for a new CEO to lead this transformation. With the leadership of an experienced name in crypto assets, Bluebird aims to appeal to a more innovative and technology-oriented investor profile.Bluebird currently owns two former gold and silver mines in South Korea, Gubong and Kochang, as well as the Batangas Gold Project in the Philippines, with a total gold reserve of approximately 1.8 million ounces. So far, $9 million in investment commitments have been received for these projects.MicroStrategy was the first company to adopt Bitcoin as a reserve asset. Following MicroStrategy's (now just Strategy) purchase of Bitcoin in 2020, many companies have made up their minds to add BTC to their treasury.
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5 Jun 2025
Moscow Exchange Gives Green Light to Bitcoin ETFs
The Moscow Exchange (MOEX), Russia's largest stock exchange, has launched futures contracts for the iShares Bitcoin Trust ETF (IBIT) launched by BlackRock, which has attracted considerable interest. Announced on June 4, this new product is designed to be open only to qualified investors. MOEX also plans to introduce a qualification testing process for investors starting June 23.The move coincides with IBIT taking its place among the 25 largest ETFs globally. IBIT's assets under management (AUM) topped $72.4 billion, according to Eric Balchunas, senior ETF analyst at Bloomberg. Launched in January 2024, the fund has made waves in the ETF world, achieving this feat in just 1.4 years.Demand for crypto products is growing in RussiaMOEX's introduction of the IBIT-based futures product is significant for crypto investment vehicles in Russia. In May, the Central Bank of Russia approved the use of crypto-linked securities and derivatives, limited to qualified investors only. Following this decision, actors such as Sberbank and T-Bank, one of the country's largest banks, started to offer financial products based on Bitcoin. Among the products offered by Sberbank are also structured bonds that track the Bitcoin price and the dollar-ruble exchange rate.The newly launched futures are priced in US dollars but are exchanged for Russian rubles in cash. With the first maturity set for September 2025, these contracts are in line with MOEX's strategy to offer indirect investment opportunities in crypto. Similarly, the Saint Petersburg Stock Exchange has started testing cash-settled futures products, according to TASS.Individual investors are not satisfiedDespite these developments, individual investors in Russia are expressing their dissatisfaction that the new products are aimed only at qualified investors. According to MOEX data as of May 2025, there are 36.9 million individual investor accounts on the exchange. Of these, only 315 thousand are qualified investors.IBIT is making a name for itself with recordsIBIT, BlackRock's Bitcoin ETF, continues to break historic records since its launch in January 2024. With nearly $15.5 billion in inflows in just three months, IBIT has become one of the ETFs with the longest fund inflow streak of all time. “It's like a baby hanging out with teenagers,” said Balchunas, Bloomberg's ETF expert.
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4 Jun 2025
Trump Slams Powell After Weak ADP Report: How Did Bitcoin React?
US President Donald Trump sent a harsh message to FED Chairman Jerome Powell after the ADP employment data for May, which fell well below expectations. In a post on the social media platform Truth Social, Trump called on Powell to cut interest rates, citing the European Central Bank as an example and arguing that the US was late in monetary policy. Trump's outburst, along with signs of weakening economic indicators, has renewed interest in alternative assets such as Bitcoin.Donald Trump slams FED ChairmanUS President Donald Trump once again lashed out at US Federal Reserve (FED) Chairman Jerome Powell on his Truth Social account after the release of the ADP private sector employment data for May. In his post, Trump demanded a cut in interest rates, cited Europe as an example and gave a direct message to Powell: “He is too late”.Trump gave the following statement: ““Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!” Trump's outburst came just after the May private sector employment data released by the ADP Research Institute and the Stanford Digital Economy Lab fell short of expectations. According to the report, the US economy created only 37,000 jobs in May. This figure was well below the market expectation of 114,000.ADP's chief economist Dr. Nela Richardson noted that despite this slowdown in job growth, wage growth remained strong and there were still signs of resilience in the labor market. However, according to Richardson, after a strong start to the year, there has been a serious slowdown in hiring.Trump has been pressuring Powell to cut interest rates for months. However, the Fed chairman has so far ignored these calls and often reiterated his data-driven monetary policy rhetoric. The European Central Bank, which Trump made comparisons with, has cut interest rates in recent months.So how is Bitcoin doing in the shadow of these discussions?According to the latest data, Bitcoin (BTC) is trading at $105,038 at the time of writing. This represents a slight decline of about 0.31% in the last 24 hours. BTC, which tested the $112,000 level in May, has managed to stay above $100,000 thanks to strong demand and capital flows into ETFs. While the uncertainty over the Fed's interest rate policy is driving investors to alternative assets, Bitcoin stands out in this equation with its safe-haven perception again. If Trump's calls for interest rates are answered, the dollar weakens and yields fall, BTC may regain strength in the coming days.Weak employment data from the US has also made the upcoming official non-farm payrolls report more critical, while investors have turned their eyes to the Fed's next step.
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4 Jun 2025
Daily Market Summary with JrKripto 4 June 2025
You can find today’s edition of “Daily Market with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze the overall market conditions together and review the latest insights.Bitcoin (BTC) extended its long-term uptrend from $75,930 to reach an all-time high (ATH) of $111,980. Following this peak, it pulled back due to profit-taking and is currently trading around $105,000. On the technical side, $104,629 stands out as the first major support level. If this area is breached, $101,059 and then $96,115 should be monitored as the next support zones. For the upward recovery to gain traction, it is critical for BTC to surpass the $109,588 resistance. If this resistance is broken, $111,980 and then $114,500 may be targeted once again. Maintaining price action above $104,629 is important to preserve the positive trend.Ethereum (ETH), after starting a strong rally from $1,486 and reaching a peak of $3,004, has entered a correction phase and is currently trading at $2,620. The price holding above the $2,385 support level is helping to limit selling pressure; however, if this level is breached, $2,098 and $2,004 will become the next support zones. For the upward momentum to continue, ETH must break the $2,711 resistance level. Once this is achieved, the targets will be $2,838 and $3,004. The continuation of the positive outlook for ETH hinges on its ability to remain above $2,385.Crypto NewsFed member Bostic said a rate cut this year may be possible depending on the state of the economy.Treasury Secretary Bessent said it’s up to China to decide whether it wants to be a reliable partner.North America-based civil engineering firm SolarBank adopted a Strategic Bitcoin Reserve.Trump is set to launch a branded crypto wallet and trading app encouraging supporters to buy memecoins and other crypto assets.Magic Eden’s $ME partnered with Trump Wallet.Top GainersCOMP → Up 15.2% to $47.60BORG → Up 15.1% to $0.20837302ZBCN → Up 11.2% to $0.0052459ATH → Up 10.6% to $0.05030066APE → Up 9.3% to $0.74851906Top LosersKAITO → Down 9.7% to $1.71POPCAT → Down 9.1% to $0.37289158IOTX → Down 7.6% to $0.02169712FARTCOIN → Down 7.5% to $1.05PENGU → Down 6.8% to $0.01021654Fear IndexBitcoin: 63Ethereum: 54DominanceBitcoin: 63.99% ▼ 0.27%Ethereum: 9.71% ▲ 1.18%Daily Net ETF FlowsBTC ETFs: $375.10 millionETH ETFs: $109.50 millionKey Data to Watch Today15:15 – ADP Non-Farm Employment Change (May)Forecast: 111K / Previous: 60K16:45 – Services Purchasing Managers’ Index (PMI) (May)Forecast: 52.3 / Previous: 50.817:00 – ISM Non-Manufacturing PMI (May)Forecast: 52.0 / Previous: 51.617:00 – Job Openings and Labor Turnover Survey (JOLTS) (April)Forecast: 7.110M / Previous: 7.192M17:30 – EIA Crude Oil InventoriesForecast: -2.900M / Previous: -2.795MGlobal MarketsGlobal stock markets are starting the day on an optimistic note. Expectations for high-level negotiations between the US and China have boosted risk appetite. US stock markets continued to rally, led by tech stocks, with the Nasdaq Index turning positive year-to-date. Yesterday, the Nasdaq rose 0.81%, the S&P 500 increased by 0.58%, and the Dow Jones added 0.51%, all closing in positive territory. The small-cap Russell 2000 Index gained 1.59%, supported by strong performances in regional banks and biotech stocks.Eight of the eleven sectors in the S&P 500 ended the day in the green. The technology sector performed best with a 1.48% gain, followed by energy (1.11%), materials (0.97%), and industrials (0.76%). On the other hand, telecommunications (-0.75%), real estate (-0.39%), and consumer staples (-0.15%) underperformed.On the macroeconomic front, the JOLTS job openings for April came in at 7.40 million, beating expectations of 7.11 million. However, factory orders shrank by 3.7%, exceeding the expected 3.1% decline. Today, the market focus is on the US ADP private sector employment data and the ISM services PMI. The ISM services index rose to 51.6 in April and is expected to increase slightly to 52 in May. Asian markets opened on a positive note, and European markets are also expected to open higher.Meanwhile, the OECD revised its “Global Economic Outlook” downward. The global growth forecast for 2025 was lowered from 3.1% to 2.9%, and the 2026 forecast from 3.0% to 2.9%. The US growth forecast for this year was cut from 2.2% to 1.6%, and the 2026 forecast from 1.6% to 1.5%. The report highlighted that uncertainties in trade policy, tight financial conditions, weakening consumer and business confidence, and rising political risks pose major threats to growth. New tariffs could increase trade costs and fuel inflation, although falling commodity prices might partially offset this.Growth forecasts for Turkey were also revised downward. The OECD cut Turkey’s 2025 growth forecast from 3.1% to 2.9%, and its 2026 forecast from 3.9% to 3.3%. Today, key international data include the US ISM services report, ADP employment report, and Eurozone Services PMI—all closely watched by markets.Top Companies by Market Cap and Stock PricesNVIDIA (NVDA) → $3.45 trillion market cap, $141.22 per share, +2.80%Microsoft (MSFT) → $3.44 trillion market cap, $462.97 per share, +0.22%Apple (AAPL) → $3.04 trillion market cap, $203.27 per share, +0.78%Amazon (AMZN) → $2.18 trillion market cap, $205.71 per share, -0.45%Alphabet (GOOG) → $2.02 trillion market cap, $167.71 per share, -1.56%Borsa IstanbulDomestically, the May CPI came in at 1.53% monthly—closer to our forecast (1.8%) and well below the market expectation (around 2.1%). This result aligns with the Central Bank’s inflation trajectory as outlined in its latest Inflation Report. Consequently, annual inflation dropped 2.5 points from the previous month to 35.4%. Our seasonally adjusted monthly inflation came in at 1.7%, showing about a 1-point improvement from April. Core inflation indicators also declined significantly: the B index annual inflation fell to 34.8%, and the C index to 35.4%. These developments signal continued downward momentum in inflation and improving pricing behavior, though a cautious stance remains warranted.Lower-than-expected inflation has increased the likelihood of a rate cut at the June Monetary Policy Committee (MPC) meeting. This triggered strong buying in banking stocks; yesterday the banking index rose by an average of 5.7%, and the BIST 100 gained 3.0%, closing at 9,277 points. Since the banking sector has underperformed the benchmark index by about 6% year-to-date, it may continue to recover this gap amid rate cut expectations. Additionally, pre-holiday settlement advantages also contributed to yesterday’s strong gains. Market attention is now turning to the June 19 MPC meeting.Technically, the BIST 100 showed a strong rebound after the previous two-day decline, recovering just below the support level. The 9,148–8,965 range remains a key support zone. If the index continues to trade above this band, a move toward 9,475–9,500 could be seen. The 9,325 level serves as interim resistance, and a close above 9,475/9,500 would signal short-term optimism, potentially targeting the 9,740–9,770 resistance area next. Key technical support levels for BIST 100 are 9,148/9,044, 8,965, 8,870, and 8,611; resistance levels are 9,325, 9,475/9,500, 9,588, and 9,740.Overall, a balanced sectoral performance with a continued upward trend is expected in Borsa Istanbul today.Top Companies by Market Cap in Borsa IstanbulQNB Finansbank (QNBTR) → 860.11 billion TL market cap, 260.25 TL/share, +1.36%Aselsan Electronic Industry (ASELS) → 581.86 billion TL market cap, 131.80 TL/share, +3.29%Garanti Bank (GARAN) → 478.8 billion TL market cap, 114.80 TL/share, +0.70%Turkish Airlines (THYAO) → 391.57 billion TL market cap, 284.75 TL/share, +0.35%Koç Holding A.Ş. (KCHOL) → 382.41 billion TL market cap, 149.40 TL/share, -0.93%Precious Metals and Exchange RatesGold: 4,231 TLSilver: 43.18 TLPlatinum: 1,369 TLUSD: 39.13 TLEUR: 44.59 TLSee you again tomorrow with more market updates!
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4 Jun 2025
New Era in South Korea: Crypto-Friendly Candidate Elected President
South Korea elected its new president after historic elections held on June 3rd. Lee Jae-myung, the Democratic Party candidate and opposition leader, was elected president with 49.42% of the votes in the election, the highest turnout in recent years. His conservative rival Kim Moon-soo remained at 41.15%. This result is quite critical for the Bitcoin and altcoin space. Because Lee Jae-myung is known as a pro-cryptocurrency politician.Pro-crypto candidate elected president in South KoreaThe South Korean presidential elections, the results of which were announced in the first hours of the day, were closely followed in the crypto market. Because it was known that Lee Jae-myung, one of the candidates, supported cryptocurrencies. Lee Jae-myung won the presidential elections, which took place with record participation, with 49.42% of the vote. The election carries the hope of a restructuring for the country, as it comes after a chaotic period that resulted in the failed coup attempt and impeachment of the previous leader Yoon Suk-yeol. Lee's campaign offered hope for economic recovery. However, it was also notable for introducing serious reforms on cryptoassets. What is on the new government's agenda?At the center of Lee Jae-myung's election promises is strengthening South Korea's position in the cryptocurrency market. The new president advocates the legalization of spot Bitcoin ETFs on local exchanges. Following the approval of spot ETFs in the US, the introduction of similar products in South Korea had caused excitement among investors. However, until today, the issuance and trading of such ETFs has remained prohibited in the country.Lee also plans to establish a stablecoin market indexed to the Korean won. Speaking at a policy meeting in May, Lee said, “A won-based stablecoin market is essential to prevent national wealth from fleeing abroad.”The new government's agenda also includes the second phase of crypto asset regulations. These regulations, which will focus on the transparency of stablecoins and crypto exchanges, aim to strengthen investor protection. On the other hand, Lee argues that regulations should be minimized in blockchain innovation zones. This will pave the way for tech startups and make South Korea more assertive in global competition.Lee Jae-myung is not the first president elected in South Korea with pro-crypto promises. The ousted former president Yoon also made similar promises, but no serious progress was made in practice. What is different this time is both the change in global markets and the increasing individual investor interest in South Korea. The number of users registered on crypto exchanges in the country has reached 9.7 million. This corresponds to about 20 percent of the population. It remains to be seen to what extent Lee Jae-myung's crypto-friendly policies will be implemented.
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4 Jun 2025
Donald Trump's Company's Bitcoin ETF Application Submitted to SEC
Truth Social, the social media platform owned by US President Donald Trump, has taken a remarkable step into the cryptocurrency world. The company's subsidiary Trump Media & Technology Group (TMTG) has filed an application with the US Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) called “Truth Social Bitcoin ETF”. The application was filed through NYSE Arca, the digital arm of the New York Stock Exchange.The effort to facilitate access to Bitcoin continuesAccording to the 19b-4 application form filed with the SEC in the first minutes of June 4, 2025, Turkey time, the fund will be structured to directly track the price of Bitcoin. The Truth Social Bitcoin ETF aims to offer investors an investment vehicle directly indexed to the BTC price, similar to previously approved spot Bitcoin ETFs. This fund is sponsored by crypto asset management company Yorkville America Digital. The institution that will provide custodian services is planned to be Foris DAX Trust Company, which is currently the custodian of Crypto.com.“Trump” name not used for investment productAccording to Eric Balchunas, a senior ETF analyst at Bloomberg, the application did not include any management fees or information on the fund's ticker. Also, the ETF documents do not directly mention the name “Trump”. However, Trump Media & Technology Group, the umbrella company of Truth Social, is clearly listed as backing the ETF. In order for the ETF to be officially traded, the SEC must approve not only the Form 19b-4, but also the S-1 registration statement, which provides detailed information about the investment vehicle. The S-1 documents contain detailed information on the fund's structure, management strategy and investment scope. Through these documents, the SEC has the chance to assess the level of transparency and risk the fund offers to investors.Bitcoin ETF race heats upTruth Social's move comes after spot Bitcoin ETFs, which were approved in 2024, attracted a lot of attention. Bitcoin ETFs already offered by giant institutions such as BlackRock, Fidelity, Bitwise and Grayscale have brought billions of dollars into the market. Following these developments, the SEC also gave the green light to Ethereum (ETH) ETFs. Now ETF applications for other cryptocurrencies such as XRP, Solana and Dogecoin are waiting in line.Trump's crypto initiative continuesTruth Social's ties to the crypto sector have become more apparent recently. At the beginning of the year, the company applied for six different trademark registrations related to Bitcoin and various investment products. Not content with this, Trump Media announced in recent weeks that it has raised $2.5 billion in capital and will use some of these funds to build Bitcoin reserves.
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4 Jun 2025
BTC Comments and Price Analysis 3 June 2025
BTC Short Term Technical AnalysisBitcoin maintains its short-term ascending channel structure. The price is currently at $106,266. It rose to the $107,171 resistance during the day, but the sell-off ate up from this level. This corresponds to both the channel upper band and the horizontal resistance zone. Unless it breaks, there is a high probability that the rise will remain limited. Short-Term Rising Channel The initial support below is in the $104,977 zone. This level also corresponds to the lower band of the channel. If a downward break comes, it is possible for the price to retreat first to the levels of $ 104,400, and then to the levels of $ 102,137. Especially the $102.137 level, the horizontal support where strong reactions have come before. In case of breaking, the area opens up to the December of $ 99,300- $ 98,600.In the upward scenario, $ 107,171 is the critical threshold. A close above this level could create a strong momentum to the $111.925 level. Since $107,171 is both a technical resistance and a psychological threshold, a volume break is a must. Otherwise, the price may face a repeat sale here.For the moment, although BTC is trading in the short-term ascending channel, it is worth being cautious because it is rejected in the resistance zone. Upward attempts can continue as long as the channel stays inside. However, closures below $ 104,977 indicate that the technical structure is broken.
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3 Jun 2025
Robinhood Acquires Cryptocurrency Exchange Bitstamp!
There was an important milestone in the cryptocurrency world. Robinhood, the US-based online investment platform, officially launched its international expansion in the crypto space by acquiring Bitstamp, one of the world's most established cryptocurrency exchanges, for $200 million. This acquisition is considered to be the most concrete step Robinhood has taken in its goal of reaching institutional crypto investors as well as retail investors.Robinhood acquires cryptocurrency exchange BitstampRobinhood Markets has completed the acquisition of Bitstamp, a global cryptocurrency exchange. Bitstamp, which has offices in Luxembourg, the UK, Slovenia, Singapore and the US, was founded in 2011 and this acquisition is expected to significantly accelerate Robinhood Crypto's worldwide expansion. Bitstamp has more than 50 active licenses and registrations worldwide. It will therefore bring customers from the EU, UK, US, and Asia to Robinhood. Bitstamp has a reputation for transparency and reliability, especially among institutional investors. With over 85 crypto assets listed, Bitstamp has long been seen as a safe haven for investors moving from traditional markets to crypto.Vlad Tenev, CEO of Robinhood, said in a statement after the acquisition that by integrating Bitstamp's many years of experience into their platform, “a more secure and integrated crypto trading era” will begin. The all-cash deal marks Robinhood's strong entry into the institutional crypto trading space, which it has so far shied away from.Opening new doors to Europe and AsiaRobinhood's move not only expands its product portfolio, but also accelerates the company's global growth strategy. The fact that Bitstamp already has an established and active user base in the European Union, the United Kingdom and Asian markets will allow Robinhood to quickly enter these regions. Thus, Robinhood aims to grow into a broader ecosystem targeting not only individual investors in the US, but also institutional players in Europe and Asia.Bitstamp's deep liquidity pools, advanced API connections, and infrastructure for high-frequency trading will be integrated into Robinhood's crypto trading systems, enabling it to provide 24/7 uninterrupted service. This means that Robinhood will offer a more comprehensive and competitive platform for both individual and institutional investors.“Bitstamp by Robinhood” era beginsFollowing the completion of the acquisition, Bitstamp will continue to operate under the name “Bitstamp by Robinhood”. While the brand's existing identity will be preserved, the technology infrastructure will be integrated with Robinhood systems to enhance user experience and product diversity. According to industry experts, this acquisition could be a harbinger of other crypto investments Robinhood will make in the future. It remains to be seen how Bitstamp will continue its operations after the Robinhood acquisition and how Robinhood will benefit from it.
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3 Jun 2025
Daily Market Summary with JrKripto 3 June 2025
You can find today’s “Daily Market with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze general market conditions together and take a look at the latest assessments.Bitcoin (BTC), which began its long-term uptrend from $75,930 and reached an all-time high of $111,980, has pulled back to $105,170 due to profit-taking. Technically, $104,629 stands out as the first support level, and if this level is breached, $101,059 and $96,115 will be the next supports to watch. For the upward recovery to gain momentum, breaking above $109,588 is critical. If this resistance is surpassed, $111,980 and then $114,500 could come back into play.Ethereum (ETH) extended its rally from $1,486 up to $3,004 before entering a correction and is currently trading at $2,610. The price is still holding above the $2,385 support, but if it dips below this level, $2,098 and $2,004 will be the next support levels. To continue its upward movement, ETH must break the $2,711 resistance. If this level is breached, $2,838 and $3,004 could be targeted again. Overall, as long as ETH stays above $2,385, the bullish scenario remains valid.Crypto NewsRussia and Ukraine have started second-round peace talks in Turkey.Webus signed a $300 million XRP treasury deal with Samara Alpha.Strategy announced it has purchased 705 BTC.Hong Kong-based Reitar Logtech disclosed to the SEC plans to purchase up to $1.5 billion in BTC to increase reserves and hedge against financial volatility.Michael Saylor’s company Strategy announced an IPO of STRD shares to raise funds for more #Bitcoin purchases.Turkey’s Consumer Price Index for May came in at 1.53% monthly, dropping to 35.41% annually.Top Gainers in CryptocurrenciesSYRUP → Up 16.4% to $0.43140794MKR → Up 16.2% to $1,822.75MOODENG → Up 15.7% to $0.21847194WIF → Up 15.4% to $0.97770381POPCAT → Up 14.1% to $0.40991055Top Losers in CryptocurrenciesDEXE → Down 34.1% to $9.30ZBCN → Down 18.1% to $0.00495409SAROS → Down 4.6% to $0.2013825TAO → Down 4.1% to $392.19VANA → Down 3.9% to $6.68Fear IndexBitcoin: 63Ethereum: 52DominanceBitcoin: 64.05% ▼ 0.31%Ethereum: 9.66% ▲ 0.52%Daily Net ETF FlowsBTC ETFs: -$267.50 millionETH ETFs: $78.20 millionData to Watch TodayTime: 17:00 – Job Openings and Labor Turnover Survey (JOLTS) (Apr)Expectation: 7.110M / Previous: 7.192MGlobal MarketsDespite escalating trade tensions between the US and China, US stock markets closed the day higher. The S&P 500 rose by 0.41%, the Nasdaq by 0.67%, and the Dow Jones by 0.08%. The “Magnificent Seven” tech giants outperformed with a 0.73% gain. Meanwhile, there was selling pressure in the bond market and the US Dollar Index.Rising geopolitical risks, especially the renewed Russia-Ukraine conflict, have pushed investors toward safe-haven assets like gold and silver. Concerns over Russian oil supply also pushed oil prices higher. Seven of the eleven sectors in the S&P 500 posted gains. The healthcare sector (+0.96%) and consumer staples (+0.42%) performed best, while the energy sector lagged behind with a 1.55% loss.The US ISM Manufacturing PMI for May confirmed a slowdown in the economy, falling to 48.5—below the expected 49.5—and remained in contraction territory for the third straight month. Although there was a partial recovery in production and employment components, overall contraction persists. Business leaders noted that tariffs and uncertainty are negatively impacting foreign orders.Meanwhile, positive signals about potential rate cuts have started to emerge from Fed officials. After Governor Waller, Chicago Fed President Goolsbee also stated that a rate cut could be considered if tariff-related uncertainties are resolved.In China, signs of economic slowdown are becoming more apparent. The Caixin Manufacturing PMI dropped to 48.3, well below expectations and the lowest level since September 2022. This weak data has fueled expectations of monetary easing in China, prompting a positive reaction in Asian markets. European markets are expected to open flat but positive today.In the US, factory orders for April and JOLTS job openings data will be closely watched. These reports could provide key insights into the labor market and industrial production.Most Valuable Companies and Stock PricesMicrosoft (MSFT) → $3.43 trillion market cap, $461.97 per share, +0.35%NVIDIA (NVDA) → $3.35 trillion market cap, $137.38 per share, +1.67%Apple (AAPL) → $3.01 trillion market cap, $201.70 per share, +0.42%Amazon (AMZN) → $2.19 trillion market cap, $206.65 per share, +0.80%Alphabet (GOOG) → $2.06 trillion market cap, $170.37 per share, -1.43%Borsa IstanbulDomestic data continues to indicate a slowdown in economic activity. The Istanbul Chamber of Industry’s Turkey Manufacturing PMI came in at 47.2 in May, close to the two-month average, signaling weak domestic and external demand in the manufacturing sector. The stagnation in demand negatively impacted production, employment, and firms’ input purchases, while supplier delivery times continued to shorten. Although exchange rate volatility eased compared to the previous month, it still pressures production costs.According to provisional foreign trade data from the Ministry of Trade, exports in May rose 2.7% year-on-year to $24.8 billion, while imports increased by 2.1% to $31.3 billion. The trade deficit remained steady at $6.5 billion. Seasonally and calendar-adjusted data suggest that the deterioration seen in April was temporary and there was a recovery in the trade balance in May.In consumer sentiment, Bloomberg HT’s Consumer Confidence Index rose by 0.2% to 72.36 in May. Today’s inflation figures from TURKSTAT will clarify May’s inflation outlook. In April, inflation stood at 3.0% monthly and 37.86% annually. Our expectation for May is a 1.8% monthly increase and 35.8% annually. However, market consensus expects monthly inflation to exceed 2%.The BIST-100 index continues to move sideways around the 9,000 level. After sharp declines in banking stocks last Friday, there was a rebound yesterday, with the banking index rising 1.5%, helping the BIST-100 stay above the critical 9,000 mark. According to data released yesterday by the BRSA, the banking sector saw a decline in profitability in April due to rising interest rates. Today’s inflation data will be key for the markets. Additionally, with the upcoming holiday break, investor appetite may increase due to settlement advantages, suggesting a limited upward movement in Borsa Istanbul today.Most Valuable Companies in Borsa IstanbulQNB Finansbank (QNBTR) → 856.76 billion TL market cap, 255.75 TL/share, 0.00% changeAselsan Electronic Industry (ASELS) → 589.61 billion TL market cap, 128.40 TL/share, -0.70%Garanti Bank (GARAN) → 452.76 billion TL market cap, 116.30 TL/share, +7.88%Turkish Airlines (THYAO) → 380.54 billion TL market cap, 282.00 TL/share, +2.27%Koç Holding A.Ş. (KCHOL) → 363.9 billion TL market cap, 149.70 TL/share, +4.32%Precious Metals and Exchange RatesGold: 4,230 TLSilver: 43.12 TLPlatinum: 1,337 TLUSD: 39.20 TLEUR: 44.77 TLSee you tomorrow with more market updates!
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3 Jun 2025
Corporate Bitcoin Wave Hits Europe: Multi-Million Euro Purchases!
Global companies are taking their interest in Bitcoin one step further. While institutional investor interest in cryptocurrency markets has peaked again, Bitcoin (BTC) purchases by Europe-based companies have attracted attention. France-based The Blockchain Group and Norwegian crypto exchange Norwegian Block Exchange (NBX) announced their latest Bitcoin (BTC) purchases. In addition to strengthening their balance sheets with BTC purchases, companies also experienced significant increases in their shares. Let's look at the details...The Blockchain Group adds 624 BTC to its treasuryThe Blockchain Group (ALTBG), based in France and traded on Euronext Growth Paris, detailed its Bitcoin purchases in a statement released today. According to the statement, ALTBG has aggressively increased its Bitcoin investments since the beginning of the year. The France-based company raised 6.8 million euros in a private equity placement on May 20, buying 80 BTC. This was followed by a €55.3 million convertible bond issuance backed by Fulgur Ventures on May 26, with the proceeds going to buy another 544 BTC. This brings its recent BTC purchases to 624 BTC. This brings the company's total BTC holdings to 1,471, equivalent to approximately €131.9 million. The average purchase price was 89.687 euros per BTC. The company's BTC yield in 2025 currently exceeds 1.097%.Norwegian Block Exchange also bought BitcoinThese developments are not limited to Europe. Norway-based crypto exchange Norwegian Block Exchange (NBX) recently announced that it has started buying Bitcoin. The company has invested 6 BTC in the first phase and plans to increase this amount to 10 BTC by the end of the month. NBX also announced that it will use these BTC as collateral to support USDM, a stablecoin running on the Cardano blockchain, and aims to generate returns on these assets. The company's share price rose around 120 percent after this announcement. NBX plans to offer Bitcoin collateralized loan products in the future and move towards becoming a crypto asset bank. This takes Norway's approach to Bitcoin at the institutional level one step further. As it can be remembered, Aker ASA, Norway's largest industrial conglomerate, had previously purchased 1,170 BTC through its subsidiary called Seetee.The impact of institutional BTC investments directly affects not only company portfolios but also share performances. According to the data, the total Bitcoin holdings of publicly traded companies exceeded 3 million BTC, while the market capitalization of this amount reached $342 billion.Increasing institutional interest in Bitcoin is likely to gain further momentum in the coming period, driven by both regulatory clarity and the macroeconomic environment. Companies now see Bitcoin not only as an investment vehicle, but also as a strategic element in terms of efficiency and capital attraction.
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3 Jun 2025