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 News
- Nasdaq-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 Cryptocurrencies
- KAIA → Up 19.2% to $0.16271082
- JTO → Up 17.9% to $2.25
- GIGA → Up 15.3% to $0.02752151
- SYRUP → Up 15.0% to $0.49653499
- LAUNCHCOI → Up 14.1% to $0.22357478
Top Losers in Cryptocurrencies
- AXL → Down 13.4% to $0.49167878
- DEXE → Down 9.9% to $9.33
- ZBCN → Down 9.7% to $0.00378731
- KAVA → Down 6.3% to $0.43993857
- AI16Z → Down 6.3% to $0.22387602
Fear Index
- Bitcoin: 70
- Ethereum: 58
Dominance
- Bitcoin: 64.14% ▲ 0.11%
- Ethereum: 9.88% ▼ 0.62%
Daily Net ETF Inflows
- BTC ETFs: $431.20 Million
- ETH ETFs: $125.00 Million
Key Economic Data to Watch Today
- 3:30 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 Inventories
- Expected: -2.400M / Previous: -4.304M
Global Markets
Positive 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 Prices
- NVIDIA (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 Istanbul
Domestically, 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 Istanbul
- QNB Finansbank (QNBTR): 899.48B TRY market cap, 268.50 TRY per share, no change
- Aselsan (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 Prices
- Gold: 4,205 TRY
- Silver: 46.03 TRY
- Platinum: 1,588 TRY
- USD: 39.18 TRY
- EUR: 44.78 TRY
See you tomorrow with more updates and market news!
