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The global cryptocurrency market experienced a widespread decline as of June 12, 2025. The total market value decreased by 2.1 percent in the last 24 hours, falling to $3.38 trillion. The daily trading volume also dropped by 5.27 percent to $133.81 billion. On the other hand, the Fear and Greed Index, which is a sentiment index, remains in the Greed zone. So, what is the reason behind this significant decline in Bitcoin and altcoins?Macroeconomic developments triggered the marketThis sharp decline is not unique to cryptocurrencies. A series of macroeconomic and political developments in global markets have significantly reduced investors' appetite for risk. A similar picture is evident in US stock markets. The S&P 500 index fell 0.27% to 6,022.24 points. The Dow Jones Transport Index (DJT) fell 1.87% to 20.52 points, while the NASDAQ fell 0.50% to 19,615.88 points. The Dow Jones fell by a very limited 0.0026% to 42,865.77 points.Significant increase in Bitcoin and altcoin liquidationsOne of the most striking effects of the market shift was the increase in liquidations on crypto exchanges. Over 100,000 investors lost their positions in leveraged trades over the past 24 hours. According to JrKripto.com data, a total of $336 million worth of liquidations occurred in the cryptocurrency markets over the past 24 hours. It was notable that 91% of these liquidations were from long positions. Additionally, the largest single liquidation occurred on the BTCUSD perpetual futures pair on Binance, amounting to $2.15 million.According to CoinGlass data, liquidations of this magnitude typically indicate misaligned expectations about the market's direction. Following the release of inflation data showing a decline, many investors had opened long positions assuming the upward trend would continue. However, the sudden selling pressure swept away both long and short positions. Bitcoin and Ethereum lost value, with altcoins impacted more severelyBitcoin, the pioneer of the cryptocurrency market, is trading at $107,740.76, down 1.68% in the last 24 hours. Bitcoin's market value fell to $2.14 trillion, while its daily trading volume reached $53.99 billion. Ethereum also experienced a similar decline, trading at $2,760.10 with a 1.11% loss. Major altcoins were particularly hard hit by this decline. XRP prices fell by 1.87%, while Solana (SOL) experienced a 3.97% decline in value, making it one of the hardest-hit major cryptocurrencies.What is expected in the short term?This decline in the markets is not driven by specific news or sudden developments, but rather by increasing uncertainty in global markets and technical correction trends. Crypto investors, especially those taking on higher risks through leveraged trading, are facing severe liquidations during such pullbacks.Bitcoin's drop below $108,000 is seen by technical analysts as a potential test of a new support level. Ethereum remaining below $2,800 indicates that buying appetite remains weak. In the coming days, both data flows from traditional markets and crypto developments will continue to be directional. In particular, new economic data to be released in the US and statements by central bank officials will be closely monitored by crypto investors.
There has been a remarkable development in the long-standing trade war between the US and China. Former US President Donald Trump announced the completion of a comprehensive trade agreement between the parties as a result of negotiations with Chinese President Xi Jinping. The announcement on Truth Social follows the previously announced 90-day tariff truce.Trump: Our deal with China is finalizedThe months-long trade war between the US and China seems to have entered a new phase with official statements today. Former US President Donald Trump announced on Truth Social that the trade deal with Chinese President Xi Jinping is “complete”. According to Trump, the deal is subject only to the final approval of the two leaders.Trump's post read as follows: “Our deal with China is complete, subject to final approval by Xi and me. Full magnetics and all necessary rare earth elements will be supplied in advance by China. We get 55% tariffs, China gets 10%. Relations are excellent!” This follows a 90-day “tariff truce” between the two countries announced last month. Since then, the two sides have temporarily suspended tariffs, but the details of the agreement have not been finalized. On Thursday, June 6, following a phone call that lasted about an hour and a half, Trump announced that talks would begin in London on Monday, June 9. Most recently, the US President announced that a final agreement had been reached.Trump also stated that the agreement is not limited to trade products. He emphasized that Chinese students will continue to have access to US universities: “It has always been positive for me that Chinese students use our colleges and universities.”Recently in crypto marketFollowing Trump's statements, financial markets and especially the cryptocurrency market reacted weakly positive. Trump's deal, which is said to have been reached with tariff rates of “55% - 10%”, may ease the perception of global economic risk and provide a shift towards assets such as Bitcoin. For now, no significant change has been observed in the price of the leading cryptocurrency. During the two-day talks in London recently, US Secretary of Commerce Howard Lutnick told the press on his way out that “things are going great”. This led to increased optimism in the market. Now Trump's official announcement has reinforced this optimism.A new page in the trade warThe protracted trade war, which started during the Trump era, has seen many ups and downs so far. The harsh imposition of tariffs had strained global supply chains and increased inflationary pressures. Although the tariffs, which have been reduced to reasonable levels for now, have a negative impact on prices in the short term, they are welcomed by the markets in terms of reducing the risk of recession.According to experts, the deal is critical for the US to regain easy access to rare earth elements from China. These elements have a strategic role in many fields, especially in the technology and energy sectors. In addition, the US was expected to make such transition agreements in line with its goal of gradually moving production to its own territory.
A remarkable bill on cryptocurrencies has been submitted to parliament in Ukraine. Recorded on June 10, the new bill aims to authorize the country's central bank to include Bitcoin and other crypto assets in its national reserves. The bill, drafted by a group of lawmakers led by Yaroslav Zheleznyak, a deputy from the Holos party, is eagerly awaited in the cryptocurrency space.With the new bill, the Central Bank of Ukraine will be able to hold cryptocurrenciesThe draft law proposes amendments to the law “On the National Bank of Ukraine”. It would give the central bank the option to hold virtual, i.e. crypto-assets in its reserves in addition to gold and foreign currencies. However, this is not a mandatory practice. The bill only gives the NBU this authority. When, how and in what form, and how much crypto-assets to hold in reserves is left entirely to the bank's discretion.Zheleznyak said, “With this bill, we authorize the National Bank to include virtual assets in the country's reserves. However, decisions such as timing, method and volume will be entirely at the discretion of the central bank.” Zheleznyak's Telegram post According to Zheleznyak, a well-managed crypto reserve system can strengthen the country's macroeconomic stability and promote the development of the digital economy. “Proper management of crypto reserves strengthens macroeconomic stability and creates new opportunities for the digital economy,” he said in a post on Telegram.In a video call with Kirill Khomyakov, Binance's Regional Director for Central and Eastern Europe, Zheleznyak noted the global interest in the use of crypto assets in reserves. He noted that countries such as the US, El Salvador, Switzerland and Brazil have begun to consider crypto as a strategic reserve asset.The draft law has now been submitted to the Ukrainian parliament, the Verkhovna Rada, and is under consideration. If adopted, Ukraine will be one of the few countries to officially consider cryptoassets as a monetary policy instrument.Full legal ground in 2025In addition to the central bank's potential Bitcoin reserve step, Ukrainian lawmakers are also working on a more comprehensive bill that aims to fully legalize the use of crypto by mid-2025. This second bill, which is expected to be submitted to parliament after the new year, was drafted in cooperation with the Central Bank and the International Monetary Fund (IMF). The new legal regulation envisages the regulation of crypto assets in a security-like structure. Accordingly, earnings from cryptos will be taxed only when converted into fiat currencies; no tax exemption will be granted for daily digital asset transactions.Danylo Hetmantsev, Chairman of the Ukrainian Committee on Finance, Tax and Customs Policy, announced that the core of the draft law has been finalized and is expected to be passed by the parliament in the first quarter of 2025. There is also the possibility that Ukraine could become the first country in Europe to recognize Bitcoin as an official state reserve asset. Zheleznyak confirmed that the bill to create a state-backed strategic Bitcoin reserve is in the final stages and will be presented soon.
You can find today’s edition of “Daily Market Recap with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze the general market conditions together and take a look at the latest updates.Bitcoin (BTC) dropped as low as $101,150 after falling below the $104,977 support level, but then rebounded strongly from the $101,059–$100,063 range. With this recovery, the short-term descending channel structure was broken to the upside, and BTC is currently trading around $109,200. The technical outlook has turned positive again.In the short term, the $109,588 resistance is critical. If this level is surpassed, the next targets are $111,980 (ATH) and then $114,500. On possible pullbacks, the $106,794 and $104,977 levels are strong supports. Holding these supports is key to sustaining the uptrend.Ethereum (ETH) also broke out of its descending channel to the upside, displaying a positive outlook. Rebounding from the $2,385 support level, ETH is now trading around $2,770.To continue the upward move, ETH needs to break the $2,838 resistance. If this level is breached, the $3,004 level may come into play. On the downside, $2,385 stands out as a strong support.Crypto NewsNasdaq-listed MatalphaPro purchased 18,000 $ETH ($48 million) via Binance 10 hours ago.The SEC has begun reviewing Bitwise’s Bitcoin and Ethereum ETFs.The SEC requested firms applying for Solana ETFs to update their S-1 forms. Solana ETFs could be approved within 3 to 5 weeks.GameStop announced that it has purchased 4,710 Bitcoins.The U.S. and Mexico are nearing a deal to lift Trump-era 50% tariffs on steel imports up to a certain volume.The World Bank voiced agreement with President Trump, stating that countries are using unfair trade practices and called for lowering tariffs imposed on the U.S.Nasdaq has proposed a Spot SUI ETF to the SEC.Ukraine has officially submitted a bill to establish a strategic #Bitcoin reserve.Top Gainers in CryptocurrenciesKAIA → Up 19.2% to $0.16271082JTO → Up 17.9% to $2.25GIGA → Up 15.3% to $0.02752151SYRUP → Up 15.0% to $0.49653499LAUNCHCOI → Up 14.1% to $0.22357478Top Losers in CryptocurrenciesAXL → Down 13.4% to $0.49167878DEXE → Down 9.9% to $9.33ZBCN → Down 9.7% to $0.00378731KAVA → Down 6.3% to $0.43993857AI16Z → Down 6.3% to $0.22387602Fear IndexBitcoin: 70Ethereum: 58DominanceBitcoin: 64.14% ▲ 0.11%Ethereum: 9.88% ▼ 0.62%Daily Net ETF InflowsBTC ETFs: $431.20 MillionETH ETFs: $125.00 MillionKey Economic Data to Watch Today3:30 PM – Core Consumer Price Index (MoM) (May)Expected: 0.3% / Previous: 0.2%3:30 PM – Consumer Price Index (MoM) (May)Expected: 0.2% / Previous: 0.2%3:30 PM – Consumer Price Index (YoY) (May)Expected: 2.5% / Previous: 2.3%5:30 PM – EIA Crude Oil InventoriesExpected: -2.400M / Previous: -4.304MGlobal MarketsPositive developments in U.S.-China trade talks boosted risk appetite in global markets. Following this news, major U.S. indices rose between 0.3% and 0.6% yesterday. The S&P 500 closed up 0.3% at 6,038, inching closer to the all-time high of 6,147. Sector-wise, the S&P 500 Energy Index led gains with a 1.8% increase, while the Industrials Index was the only loser, down 0.4%.European markets opened flat today, and U.S. indices are expected to open slightly lower. On the macroeconomic front, the key highlight is the U.S. CPI data at 3:30 PM Turkish time. Expectations are for a 0.3% rise in core CPI and a 0.2% increase in headline CPI. These results will be crucial for the Fed's interest rate policy. Oracle (ORCL) earnings are also in focus.Technically, for the S&P 500, the first resistance level is 6,159, with 5,982 acting as support in case of a pullback.The World Bank released its June 2025 Global Economic Outlook Report, warning that rising protectionism and trade tensions are hindering global recovery. It downgraded its global growth forecast for 2025 from 2.7% to 2.3%, marking the lowest rate since the 2008 financial crisis. It also noted that the 2020s could be the weakest decade since the 1960s, with an average growth of 2.5%.On a country basis, the U.S. 2025 growth forecast was cut by 0.9 points to 1.4%. The Eurozone's was revised down by 0.3 points, and Mexico’s by 1.3 points. Turkey’s forecast was raised by 0.5 points to 3.1%, driven by stronger-than-expected Q4 2024 data and falling oil prices.In summary, the main focus today is U.S. inflation data. A lower-than-expected print could strengthen expectations for earlier Fed rate cuts, potentially supporting positive market sentiment.Most Valuable Companies & Stock PricesNVIDIA (NVDA): $3.51 trillion market cap, $143.96 per share, up 0.93%Microsoft (MSFT): $3.5 trillion market cap, $470.92 per share, down 0.39%Apple (AAPL): $3.03 trillion market cap, $202.67 per share, up 0.61%Amazon (AMZN): $2.31 trillion market cap, $217.61 per share, up 0.29%Alphabet (GOOG): $2.18 trillion market cap, $180.01 per share, up 1.34%Borsa IstanbulDomestically, the Treasury reported a cash surplus of 247.1 billion TRY in May. The cumulative budget deficit for the first five months of the year narrowed to 838.1 billion TRY. The primary balance posted a surplus of 348.6 billion TRY in May, bringing the year-to-date deficit down to 63 billion TRY—indicating strong fiscal performance.In yesterday’s auctions, the Treasury borrowed a total of 97.9 billion TRY including non-competitive bids (ROT). The 9-month T-bill auction yielded an average annual compound interest rate of 46.81%, while the 4-year fixed coupon bond saw a yield of 37.88%.Markets continue to price in a potential rate cut at the June 19 CBRT meeting. The central bank’s recent resumption of high-volume weekly repo auctions lowered the average funding cost by over 40 basis points to 48.6%, reinforcing rate cut expectations.Bond yields dropped in line with this trend. The 2-year bond yield fell to 42.7%, the lowest since March 20, while the 10-year yield dropped roughly 40 basis points to 33%. Turkey’s CDS also improved, falling to 294 basis points.Banking stocks were the biggest beneficiaries of falling rates, with the banking index rising 5.0% yesterday, making the strongest contribution to the BIST 100’s 1.8% gain. Trading volume also increased. Despite this, bank stocks still trail the main index by about 4% YTD. With the rate cut expectation in place, banking stocks are likely to maintain their strength.Today, the BIST 100 is expected to close above the 100- and 200-day moving averages in the 9,600–9,700 band. Technically, the index maintained its upward momentum after a strong open, closing at 9,659. This confirms a breakout above not only the 50-day average but also the 100- and 200-day moving averages. With the break above the 9,475 resistance, a new upward trend has begun, targeting the 9,740–9,770 range. A sustained close above this range could set the stage for a move toward the 10,000 level.Most Valuable Companies on Borsa IstanbulQNB Finansbank (QNBTR): 899.48B TRY market cap, 268.50 TRY per share, no changeAselsan (ASELS): 634.75B TRY market cap, 139.40 TRY per share, up 0.14%Garanti Bank (GARAN): 513.66B TRY market cap, 121.80 TRY per share, down 0.41%Turkish Airlines (THYAO): 401.58B TRY market cap, 290.00 TRY per share, down 0.34%Koç Holding (KCHOL): 381.91B TRY market cap, 152.30 TRY per share, up 1.13%Precious Metals & Currency PricesGold: 4,205 TRYSilver: 46.03 TRYPlatinum: 1,588 TRYUSD: 39.18 TRYEUR: 44.78 TRYSee you tomorrow with more updates and market news!
While the number of crypto-currency companies in the US is on the rise, two remarkable names have come to the fore with their Bitcoin investments: American Bitcoin, the new Trump family-backed mining company, and GameStop, once the symbol of the “meme stock” craze. Both companies have made hundreds of millions of dollars of BTC purchases in recent weeks, strategically adding crypto assets to their treasuries.Trump family's “American Bitcoin” buys $24 million worth of BTCAmerican Bitcoin, the new mining company backed by Eric Trump and Donald Trump Jr., reported to the U.S. Securities and Exchange Commission (SEC) that it had purchased 215 BTC worth approximately $24 million as of May 31. The company plans to merge with Gryphon Digital Mining in the second quarter and go public on Nasdaq under the symbol “ABTC”. American Bitcoin's operations are currently based in Niagara Falls (New York), Medicine Hat (Alberta) and Orla (Texas) under a service agreement with Hut 8. The company's primary goal is to finance new purchases with low-cost BTC production and achieve a leadership position in the industry.The interest of the names behind American Bitcoin, founded by Eric Trump and Donald Trump Jr., in the cryptocurrency market is not surprising. Although Donald Trump has been critical of Bitcoin in the past, he has recently attracted attention with his statements supporting cryptocurrencies. GameStop added Bitcoin to its treasuryOn the other hand, GameStop, which struggled to transition from physical game retailing to the digital world, bought 4,710 BTC between May 3 and June 10. While this figure corresponds to approximately 515 million dollars, it came after the company's decision to “adopt Bitcoin as a reserve asset” in March. GameStop had previously stepped into the sector with a Web3-compatible digital wallet project, but ended the project due to regulatory uncertainties. However, despite the crypto investment, the company's financial statements remain weak. In the first quarter of 2024, revenues fell 17% to $732 million. Hardware and accessory sales declined by 32%. The Bitcoin investment, according to some analysts, is a “financial bulwark” against falling store sales and late digitalization strategies. But with share prices down nearly 20% following the announcement, investors remain cautious.These steps by GameStop and American Bitcoin continue the wave of Bitcoin investment that began with MicroStrategy in 2020. With other companies, such as the Trump family's Trump Media, already known for its affinity for Bitcoin and cryptocurrency, also turning to BTC reserves, Bitcoin is increasingly becoming part of the long-term strategy of more and more companies. In particular, 2024 and 2025 have taken their place in crypto history as a period when Bitcoin started to be seen more frequently on company balance sheets.
Another Major Step Taken in the Crypto MarketBitwise’s ETF application that includes both Bitcoin and Ethereum has been officially taken into the review process by the U.S. Securities and Exchange Commission (SEC). This is not just a new investment product but a critical turning point for the overall direction of the sector.Two Giants, In One BasketBitwise’s proposed ETF gives investors the opportunity to invest simultaneously in both Bitcoin and Ethereum. The fund’s composition is allocated according to market capitalization. The current ratios are approximately 83% Bitcoin, 17% Ethereum. In other words, two strong assets come together in a single product.This structure could be appealing especially for institutional investors who are cautious about crypto. It both provides diversification and offers the chance to enter the market via a regulated instrument.What Does the SEC Process Mean?The SEC has started reviewing the rule change application submitted via NYSE Arca. During this process, a critical question is being asked: “Is this ETF adequately secure against market manipulation?”The commission will primarily seek public feedback:General comments will be collected within the first 21 days.Then, opposing opinions can be submitted over 35 days.This evaluation will affect not only the Bitwise file but also other potential ETF applications that include Ethereum.Why Is This So Important?Because this is the first ETF application that includes both Bitcoin and Ethereum together. The SEC’s approach to this application will guide future dual or hybrid ETFs.If approved, it will make institutional investors’ access to crypto markets even easier.If rejected, it will indicate that the SEC is still moving cautiously.Bitwise’s file is a serious reference point for players in the sector. Similar applications from major names like Gemini, BlackRock, Grayscale are also on the agenda. For that reason, Bitwise’s application is not standalone; it may create a chain reaction.The crypto market is growing, maturing. Every step the SEC takes now is not just regulatory but plays a direction-setting role. Bitwise’s ETF application, in that sense, is a development that takes the pulse of the sector.Now eyes are on the SEC. The decision to be given will shape not only this ETF but the future of crypto investment products. Expectations are high; its impact will be substantial.
Siebert Financial Corp announced on June 9 that its registration statement on Form S-3 has been approved by the US SEC, allowing the company to raise up to $100 million through the sale of securities. The proceeds will be spent on buying cryptocurrencies, investing in artificial intelligence and potential strategic acquisitions.Green light for Siebert Financial for crypto acquisitionThe Nasdaq-listed company gained the flexibility to raise up to $100 million in capital with the approval of the US Securities and Exchange Commission (SEC). The funds will be used to finance artificial intelligence solutions, digital asset investments and possible strategic acquisitions. The stock, which Wall Street Zen analysts upgraded to “strong buy”, provided market support for the institution's growth plans. Siebert Financial Corp. announced that its Form S-3 shelf-registration statement has been approved by the SEC. This approval allows the company to offer different securities, including common stock, preferred stock, depositary receipts and debt instruments, to the public, either together or separately, in a single transaction or series. This structure, which will allow a capital increase of up to 100 million dollars in total, creates the financial infrastructure that will accelerate the company's growth strategies.The funds to be used within the scope of the shelf registration include crypto asset purchases, especially investments in leading digital currencies such as Bitcoin, Ethereum and Solana. In addition, the development of Artificial Intelligence (AI) supported products and services, technological integration projects into existing business units and potential merger and acquisition transactions were also listed among the priority spending items. So the company is diversifying its investments.Optimistic statements from senior executivesJohn Gebbia, CEO of Siebert Financial, stated that the shelf registration approval lays the foundation for the company's technology-focused growth plans. “This approval gives us access to additional financing to take quick and decisive steps in critical areas such as artificial intelligence and digital assets. We now have the flexibility to realize our growth vision.”CFO Andrew Reich pointed out that flexibility in capital access strengthens the capacity to create value in the long term. “The ability to raise capital continuously and when we need it prepares us not only for current opportunities, but also for future technology investments. Providing our shareholders with a long-term growth perspective is our key priority.”In a Wall Street Zen research note, it was announced that Siebert Financial shares were upgraded from “buy” to “strong buy” category. In the first quarter financials announced on May 13, 2025, the company reported a profit of $ 0.22 per share, a net margin of 12.83 percent and a return on equity of 13.92 percent. Siebert, which recorded revenues of 28.92 million dollars in the same period, also drew attention with its strong operational performance.Institutional investors also increased their positions considering this performance. Jane Street Group LLC increased its stake by 40.9 percent to 16,440 shares in the first quarter. Northern Trust Corp. increased its shares by 15.1 percent in the fourth quarter, while Geode Capital Management LLC increased by 4.9 percent to 216,841 shares in the same period. Renaissance Technologies LLC added 275 percent to its portfolio in the fourth quarter, reaching 39,000 shares. Institutional investors now own 1.52% of the company.
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 assessments.Bitcoin had previously fallen to $101,150 after losing the $104,977 support during its decline from the rising trend. However, strong buying from the $101,059–$100,063 range allowed a rebound, and BTC broke upward from the short-term descending channel. Currently trading around $109,200, this breakout has shifted its technical outlook back into positive territory.In the days ahead, the $109,588 resistance is critical. If this level is surpassed, targets may extend first to the all-time high of $111,980 and then to $114,500. On the downside, $106,794 and $104,977 have now become strong support levels. Maintaining these supports is important for keeping the BTC outlook positive.Ethereum similarly broke upward out of its descending channel. Having declined from $2,838 down to the $2,385 support, ETH bounced strongly and is now trading around $2,670.For the bullish momentum to continue, ETH needs to break above the $2,711 resistance. If it stays above this level, the next targets could be $2,838 and $3,004. On the downside, the $2,385 support continues to be watched closely—breaking below it could deepen the decline.Crypto NewsHassett: The U.S. will lift export controls if talks progress positively.Strategy announced it purchased 1,045 BTC.South Korea’s new president is preparing to propose legislation this week to allow major banks to adopt Bitcoin and other cryptocurrencies.Trump approved U.S. Treasury Secretary Bessent increasing technology export controls and is encouraging negotiators to consider lifting export controls in China talks.CBOE submitted a proposal to allow staking in the Invesco Galaxy Ethereum ETF.Canary Marinade registered a Solana ETF in Delaware.U.S. Commerce Secretary Lutnick: U.S.–China talks were productive.Trump: “I didn’t think about calling Musk. I wouldn’t have a problem talking to him. I think Musk will want to talk to me.”Top Crypto MoversGainers:AXL → +86.4% to $0.60299MOG → +28.7% to $0.00000109AIOZ → +23.2% to $0.40169NEIRO → +19.7% to $0.0004936FARTCOIN → +17.3% to $1.25Losers:KTA → –25.0% to $1.26ZBCN → –9.5% to $0.00412637KET → –5.1% to $0.50306524LEO → –3.6% to $8.82BDX → –2.5% to $0.06147175Fear IndexBitcoin: 66Ethereum: 53DominanceBitcoin: 64.49% ▼ 0.23%Ethereum: 9.62% ▲ 0.81%Daily Net ETF FlowsBTC ETFs: +$386.20 millionETH ETFs: +$52.70 millionGlobal MarketsOn the first trading day of the week, U.S. markets closed with limited gains: S&P 500 +0.1%, Nasdaq +0.3%, Dow Jones flat. Tesla (+4.5%) lifted the S&P Consumer Discretionary Index, making it the best-standing sector. Insurer stock sell-offs dragged the Financials Index –0.5%, the worst-performing sector. U.S. and EU futures remained flat.Investors are focused on President Trump’s speech scheduled for 23:00 TRT and GameStop’s Q2 earnings after market close.S&P 500 technical levels: support at 5,962; resistance at 6,134. If it breaks down, next support is 5,872; if up, next resistance 6,164.Markets also watch London U.S.–China trade talks. Futures show modest gains; VIX ended +0.4 to 17.2.China posted weak export data: May exports rose only 4.8% YoY to $316.1 billion (vs. 6.0% expected). Exports to the U.S. fell 35%, the steepest drop in five years. Exports to other markets rose 11%; imports declined 3.4%. The U.S. trade surplus with China shrank 41.6% to $18 billion.The second round of U.S.–China trade talks resumed in London yesterday and is closely monitored.Top Cap Companies & Stock PricesMicrosoft (MSFT): $3.51T market cap, $472.75/share, +0.50%NVIDIA (NVDA): $3.48T market cap, $142.63/share, +0.64%Apple (AAPL): $3.01T market cap, $201.45/share, –1.21%Amazon (AMZN): $2.30T market cap, $216.98/share, +1.60%Alphabet (GOOG): $2.15T market cap, $177.63/share, +1.55%Borsa İstanbulIn Istanbul, inflation came in below market expectations in May, strengthening the chance of a rate cut at the June 19 MPC meeting, boosting investor appetite and foreign inflows. Yet macro and external risks may limit the BIST 100’s ability to break the 9,800–10,000 resistance band.Today, Turkey will release May Treasury cash balances and hold auctions for 9-month bills, 4-year fixed-rate, and 7-year floating rate bonds.The BIST, closed for the past 2½ trading days, now sees recent gains abroad. This week’s key events for both global and local markets are the London U.S.–China negotiations, followed by the Fed’s June 18 rate decision and central bank meeting on June 19, both potentially increasing volatility. A positive BIST open and follow-through momentum are expected today.BIST 100 technical outlook: The index bounced from a dip to 9,422 and closed at 9,487, supported by strong support around 9,148–8,965. As long as it holds above this, the 9,475–9,500 zone remains a near-term target. Closing above 9,500 could trigger a new optimism wave, pushing toward 9,740–9,770.Top Borsa İstanbul Companies by Market CapQNB Finansbank (QNBTR): ₺873.51 billion market cap, ₺261.00/share, +0.10%Aselsan (ASELS): ₺636.12 billion market cap, ₺138.00/share, –1.08%Garanti Bank (GARAN): ₺487.62 billion market cap, ₺119.60/share, +3.01%Turkish Airlines (THYAO): ₺395.37 billion market cap, ₺291.50/share, +1.75%Koç Holding (KCHOL): ₺376.58 billion market cap, ₺150.90/share, +1.62%Precious Metals & FX RatesGold: ₺4,177Silver: ₺46.07Platinum: ₺1,532USD: ₺39.29EUR: ₺44.82See you tomorrow with today’s updates!
Institutional investor interest in Bitcoin is gaining momentum. Strategy (formerly MicroStrategy), the US-based Bitcoin treasury company, and The Blockchain Group, Europe's first Bitcoin treasury company, announced a total of hundreds of millions of dollars in BTC purchases. Strategy increases Bitcoin holdings to 582,000Strategy, led by Michael Saylor, bought 1,045 BTC between June 2 and June 8. According to an 8-K filing with the U.S. Securities and Exchange Commission (SEC), the purchase cost approximately $110.2 million, at an average price of $105,426 per unit. The company's total Bitcoin holdings reached 582,000 BTC, reaching a market capitalization of about $62 billion.Saylor revealed that the company has so far purchased about $40.8 billion worth of BTC at an average cost of $70,086. This is equivalent to 2.8% of Bitcoin's total supply of 21 million. The company's earnings on paper are around $21 billion.These latest purchases were funded by the proceeds from the sale of the company's perpetual preferred shares, STRK and STRF. STRK is a convertible preferred stock offering an 8% fixed dividend, while STRF offers a 10% fixed dividend but is non-convertible. Last week, Strategy also launched a $1 billion sale of STRD, a new stock with a 10% fixed dividend.300 million euro plan from Blockchain GroupOn the other hand, on the European front, France-based The Blockchain Group announced the launch of a new 300 million euro (approximately $342.5 million) in-market capital raising program for Bitcoin purchases. The program allows new shares to be issued after the close of each trading day under an agreement with French asset manager TOBAM. The shares will be priced at the higher of that day's closing price or the volume-weighted average price and will be limited to 21% of trading volume.Last week, the company announced the purchase of 624 BTC for approximately $68.7 million. With this new purchase, the total amount of Bitcoin held by The Blockchain Group reached 1,471 BTC. This strategy, modeled after at-the-market (ATM) programs in the US, is quite similar to the model Strategy has implemented. However, TOBAM plans to remain a shareholder by holding shares, not just selling them. This suggests that the European model is more strategic and long-term than the US version.These two big moves show that institutional investors' appetite for Bitcoin is not waning, but rather growing. Metaplanet's $5.4 billion capital raising plan announced last week and the fact that companies like GameStop and Trump Media are also turning to the Bitcoin model show that the “Bitcoin treasury” trend started by Saylor is growing on a global scale.
Bitcoin Technical Analysis – Critical Touch at the Upper Band of the Descending ChannelOn the 4-hour chart, Bitcoin has reached the upper boundary of the descending channel it has been moving within for a while. The price is currently at $106,563. The key technical threshold at $107,171, which is the upper limit of the channel, is now being tested. The first notable detail on the chart: The price has reached both the descending trendline and the horizontal resistance zone of $106,595–$107,171. Without a breakout of this area, it’s difficult to talk about a clear upward momentum.If a breakout occurs, a target equal to the height of the channel would form based on the technical structure. The lower band of the channel lies around $99,300, while the upper band is near $107,000. In case of an upward breakout, the target could be in the $113,000–$114,000 range.However, volume confirmation is crucial at this point. Without daily closes above this resistance zone, it’s too early to say the breakout is permanent. Especially closes above $107,171 could accelerate momentum.In the downside scenario, the first level to watch is $104,977. If this support is broken, BTC may slide back down within the descending channel, targeting first $102,137 and then the $99,300 support zone.In summary:BTC is testing the upper band of the descending channel.A close above $107,171 could confirm an upward breakout.If confirmed, the target could be in the $113,000–$114,000 range.On the downside, $104,977 and $102,137 support levels should be watched closely.As the decision point approaches, volume and closing prices will be key.
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 general market conditions together and take a look at the latest evaluations.Bitcoin (BTC) dropped as low as $101,150 after breaking down from the ascending channel on the 4-hour chart and losing the $104,977 support. This decline, supported by high-volume selling, was also influenced by the political tension between Trump and Musk. However, with a strong reaction from the $101,059–$100,063 zone, the price is now around $103,200.Holding this support zone increases the likelihood of a recovery. In upward moves, the $102,137 and especially the $104,977 resistance levels are important. Without a break above $104,977, it’s difficult to talk about a sustained rise. Otherwise, $96,914 and $96,115 levels could come back into play.Ethereum (ETH) declined from the $2,838 level down to the $2,385 support. With a bounce from this zone, it is now trading around $2,460. The $2,385 level continues to be monitored as strong support. If this level is breached, the $2,098 and $2,004 support levels may come into focus.For upward recovery to gain strength, the $2,711 resistance must be broken first. If this level is broken, $2,838 may be targeted again. Holding above $2,385 is critical for the continuation of the positive scenario.Crypto NewsTether minted $1 billion in USDTNasdaq filed a SEC Form 8-K proposing to expand its crypto benchmark index from 5 to 9 assets, adding $XRP, $SOL, $ADA, and $XLMPresident Trump said his relationship with Elon Musk is over$1.5 trillion Deutsche Bank is considering launching its own crypto stablecoinPresident Trump: “We’ve made a lot of progress on the 🇺🇸🇨🇳 China deal”Eric Trump announced a partnership between World Liberty Financial and the $TRUMP meme coinCrypto company Gemini submitted a confidential IPO application in the U.S.Top Gainers in CryptocurrenciesRVN → Up 16.5% to $0.01812467KAIA → Up 15.6% to $0.12306084ICP → Up 10.3% to $5.85FARTCOIN → Up 8.3% to $1.08KTA → Up 8.2% to $1.62Top LosersEVOLVE → Down 91.1% to $0.0000292DEXE → Down 16.7% to $8.85EOS → Down 11.2% to $0.56714183LPT → Down 8.7% to $7.55ZBCN → Down 7.0% to $0.00446442Fear IndexBitcoin: 60 (Greed)Ethereum: 50 (Neutral)DominanceBitcoin: 64.63% ▲ 0.09%Ethereum: 9.27% ▼ 0.45%Daily Net ETF FlowsBTC ETFs: -$47.80 millionETH ETFs: $25.30 millionGlobal MarketsGlobal markets are starting the week with cautious optimism, focusing on the high-level U.S.–China trade talks beginning in London. While Asian stock markets are rising, U.S. and European futures are showing slight declines. A mixed trend prevails in U.S. markets: strong employment data (139,000 new jobs) supported a recovery in tech stocks, but Tesla and other sensitive stocks remain volatile.On the macro front, signs of a slowdown in the U.S. economy continue: ADP private sector employment rose by only 37,000 in May, and the ISM services PMI fell to 49.9, indicating contraction. Eurozone services PMI data fell to 49.7 in May, and the ECB conducted its eighth interest rate cut of the year.Asian markets, meanwhile, are showing positive sentiment. The MSCI Asia-Pacific Index rose by 0.7%, Nikkei by 0.9%, and Hang Seng by 0.8–1.4%. Gold rose by 0.4% due to safe-haven demand, reaching around $3,323.7/oz, while platinum is also recovering. Oil prices slightly declined due to weak data from China (WTI ~$64.43, Brent ~$66.29), but are supported by hopes surrounding U.S.–China talks.The OECD has revised its global growth forecasts for 2025–2026 downward from 3.3% to 2.9%. U.S. growth is expected to fall to 1.6%, and China’s to 4.3% from 4.7%. This week, markets are focused on U.S. CPI and non-farm payroll data, post-ECB European bond yields, and tangible signals from the trade talks in London.Overall, while risk appetite is supported by strong jobs data and the U.S.–China talks, weak economic indicators and geopolitical uncertainty suggest that cautious pricing will continue.Most Valuable Companies and Stock PricesMicrosoft (MSFT) → $3.5 trillion market cap, $470.38 per share, +0.58%NVIDIA (NVDA) → $3.46 trillion market cap, $141.72 per share, +1.24%Apple (AAPL) → $3.05 trillion market cap, $203.92 per share, +1.64%Amazon (AMZN) → $2.27 trillion market cap, $213.57 per share, +2.72%Alphabet (GOOG) → $2.11 trillion market cap, $174.92 per share, +3.01%Precious Metals and Exchange RatesGold: 4,189 TLSilver: 45.82 TLPlatinum: 1,526 TLDollar: 39.22 TLEuro: 44.90 TLSee you again tomorrow with the latest updates!
The US Congress has taken an important step for the long-awaited clarity in cryptocurrency regulations. Members of Congress introduced an updated version of the CLARITY Act, a bill that aims to unify the laws overseeing the crypto market. The new draft is called the “Alternative Amendment”, or officially “Amendment in the Nature of a Substitute” (ANS), and will be debated at the House Financial Services Committee hearing on June 11.Update to cryptocurrency law in the USThe new bill contains positive regulations, especially for developers and decentralized finance (DeFi) projects. Crypto developers and wallet providers will not be considered “money transfer service providers” if they do not have direct control over user funds. This means that DeFi tools and software where users store their private keys will be exempt from existing money services regulations. Furthermore, Bank Secrecy Act (BSA) rules will only apply to centralized intermediaries. This means that decentralized finance (DeFi) projects will be relieved of some regulatory pressure. However, the law also introduces new provisions for banks regarding the use of digital assets. National banks will be able to offer legal services using digital assets and blockchain technology. However, these activities must be conducted in accordance with existing regulations. The same rights will apply to insured state banks and their subsidiaries.The CLARITY Act mainly aims to clarify the classification of crypto-assets, the mandate of regulators and the rules to which market players are subject. The delineation of jurisdictional boundaries between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) is crucial for the future of digital assets such as Bitcoin, Ethereum and stablecoins.The amendments to the bill have been welcomed in the market. In particular, software developers and the DeFi community have welcomed the emphasis on the principle of “decentralization” in the bill. However, some experts note that this concept is difficult to define in the legal framework. Former CFTC Chairman Timothy Massad warned that over-reliance on decentralization could mean building regulation on an uncertain concept that could change over time.Bitcoin reserve bill submitted to CongressIn the shadow of these legislative developments, another notable move came from Republican Representative Tim Burchett. Burchett introduced H.R. 3798, a bill to enact the strategic Bitcoin reserve plan proposed by former President Donald Trump. If passed, the US government would officially begin creating a Bitcoin reserve. Supporters argue that this plan would boost the US economy and increase crypto adoption, while critics point to Bitcoin's volatility.
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.
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!
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.
