JrKripto Daily Market Overview: Key Developments in Global and Local Markets
Let's analyze the general market conditions together and review the latest assessments.
Bitcoin (BTC) is currently trading at $103,170. The strong upward trend that began at $75,930 gained momentum after surpassing the $101,059 and $104,000 resistance levels. However, following a pullback from the $104,629 level, a short-term correction is observed. In this process, the $101,059 level stands out as the first significant support. If this level holds, the upward trend may regain momentum, and surpassing the $104,629 resistance could bring the $108,000 – $109,850 targets back into focus. Otherwise, the $96,115 and $94,570 levels will be monitored as supports in downward movements.
Ethereum (ETH) is trading at $2,470. The upward movement that started from the $1,486 level led to the surpassing of the $2,453 resistance, with the price reaching up to $2,550. However, profit-taking at this point caused a slight pullback. Currently, the $2,453 level is being tested as support. If this level holds, the $2,595 and $2,981 resistances could become targets again. However, if the price falls below $2,453, the $2,095 and $1,790 levels should be monitored as gradual support areas. Holding above $2,453 is critical for the continuation of the upward trend in ETH.
Crypto News
- Coinbase Global is preparing to join the S&P 500.
- White House Senior Advisor Hassett: We are restarting relations with China. Markets can expect some normalization.
- Canary has applied to the CBOE for a Staked TRX ETF.
- NYC Mayor Eric Adams stated his goal is to make "New York the crypto capital of the world."
- Trump: Tariffs on China will not rise back to 145%.
Top Gainers:
- NEIRO → Up 30.6% to $0.00059612
- CHEEMS → Up 11.8% to $0.00000179
- KAITO → Up 11.3% to $1.97
- ATH → Up 8.3% to $0.04188902
- KSM → Up 4.6% to $21.03
Top Losers:
- PI → Down 24.5% to $1.12
- BONK → Down 13.2% to $0.000002222
- MEW → Down 12.5% to $0.00379308
- CHEX → Down 11.9% to $0.2264459
- PYTH → Down 11.8% to $0.18108267
Fear & Greed Index:
- Bitcoin: 70 (Greed)
- Ethereum: 51 (Neutral)
Dominance:
- Bitcoin: 63.04% ▲ 0.67%
- Ethereum: 9.16% ▼ 0.87%
Daily Total Net ETF Inflows:
- BTC ETFs: $5.20 Million
- ETH ETFs: -$17.60 Million
Data to Watch Today
USA – 15:30
- Core Consumer Price Index (CPI) (Monthly) (April)
- Expectation: 0.3% | Previous: 0.1%
- Consumer Price Index (CPI) (Monthly) (April)
- Expectation: 0.3% | Previous: -0.1%
- Consumer Price Index (CPI) (Annual) (April)
- Expectation: 2.4% | Previous: 2.4%
Global Markets
Following recent talks between the USA and China, both countries have decided to reduce tariffs reciprocally. In this context, the USA will lower its 145% tariff on Chinese imports to 30% for 90 days, while China will reduce its 125% tariff on US goods to 10% for the same period. This development, indicating a softening in trade wars, has increased optimism in global markets and led to strong gains, especially in US stock markets. The S&P 500 index rose by 3.26%, the Dow Jones by 2.81%, and the tech-heavy Nasdaq index by 4.35%. The Nasdaq has entered a "bull market" again, recovering over 20% from recent declines. All major indexes closed above the technically significant 100 and 200-day moving averages, and trading volumes exceeded the 20-day average, supporting the uptrend. The group of large technology stocks known as the "Magnificent Seven" rose by 5.80%, adding $821 billion to their total market value.
In the S&P 500 index, the infrastructure sector diverged negatively with a 0.68% decline, while the consumer discretionary sector rose by 5.66%, technology by 4.66%, telecommunications by 3.35%, and industrials by 3.06%, showing the best performance. Increased growth expectations led to sales in the bond market, while the dollar strengthened. The dollar index (DXY) rose by 1.35% to 101.8, while the Euro/dollar pair fell by 1.4% to 1.109, reaching its lowest level since April 9.
Today, the global markets' agenda includes the US Consumer Price Index (CPI) data for April. Market expectations are for the headline CPI to increase by 0.3% monthly and 2.4% annually. This data will be closely watched for expectations regarding the Federal Reserve's interest rate policy. Ahead of the US CPI data, futures markets are showing a slightly bearish trend, while Asian markets are negative, and European markets are expected to start the day flat to slightly negative.
Most Valuable Companies and Stock Prices:
- Microsoft (MSFT) → $3.34T market cap, $449.26 per share, up 2.40%
- Apple (AAPL) → $3.15T market cap, $210.79 per share, up 6.18%
- NVIDIA (NVDA) → $3T market cap, $123.00 per share, up 5.44%
- Amazon (AMZN) → $2.21T market cap, $208.64 per share, up 8.07%
- Alphabet (GOOG) → $1.93T market cap, $159.58 per share, up 3.37%
Borsa Istanbul
In March, domestic retail sales volume contracted on a monthly basis for the first time in 9 months. Although the index increased by 9.2% annually, it declined by 1.4% monthly, signaling a weakening in domestic demand. Notably, the sales volume of non-food products decreased by 2%, indicating that the contraction was mainly due to this category.
The total turnover index, covering the industry, construction, trade, and service sectors, increased by 4.2% monthly and 33.4% annually in March. Looking at the subcategories; the industry sector turnover increased by 25.1% annually, construction by 26.3%, trade by 37.8%, and services by 35.9%. However, the 4.6% monthly contraction in the construction sector's turnover drew attention, indicating weak performance in this sector.
The construction cost index increased by 1.53% monthly and 23.23% annually in March. This shows that the annual cost increase rate has been slowing down continuously for 10 months. However, with the delayed effects of the exchange rate increase experienced in the March-April period, it is estimated that this slowdown in costs, especially in material prices, may pause in the coming months.
Today, the Treasury will hold auctions for 4-year TLREF-indexed and 4-year CPI-indexed bonds. Additionally, balance of payments data and foreign trade indices for March will be announced. In February, a current account deficit of $4.4 billion was recorded, and the 12-month cumulative deficit rose from $11.8 billion to $12.8 billion. In March, the current account deficit is expected to be around $3.5 billion.
Yesterday, Borsa Istanbul (BIST-100) saw a strong increase of nearly 4%. The biggest contributions to the index came from BIST-30 stocks, banking, and aviation sectors. In contrast, the decline in gold prices led to negative divergence in gold mining stocks. Global and regional geopolitical developments continue to be on the agenda, with the Russia-Ukraine ceasefire talks planned to be held in Istanbul on Thursday being closely monitored. Additionally, US President Trump's Middle East visit starting today stands out as an important agenda item for the markets. Today, the current account balance data for March will also be announced. Following yesterday's strong rise, the upward trend in BIST is expected to continue today.
From a technical perspective, the BIST100 index closed yesterday at 9,747, showing a strong outlook. Surpassing the previously monitored transition zone of 9,475-9,580 indicates that the uptrend has gained momentum. As long as these levels are maintained, it is anticipated that the 9,740 resistance will be surpassed, targeting the 9,895 level. The 9,580-9,475 band is now considered a support zone, and as long as these levels are maintained, the expectation of an uptrend continues. Technically, support levels for BIST100 are 9,580, 9,475, 9,230, and 9,044; resistance levels are 9,740/50, 9,895, and 9,953.
Most Valuable Companies in Borsa Istanbul:
- QNB Finansbank (QNBTR) → ₺887.75 billion market cap, ₺264.00 per share, down 0.38%
- Aselsan Elektronik Sanayi (ASELS) → ₺640.22 billion market cap, ₺137.8 per share, down 1.85%
- Türkiye Garanti Bankası (GARAN) → ₺446.88 billion market cap, ₺108.2 per share, up 1.69%
- ENKA İnşaat ve Sanayi (ENKAI) → ₺438.76 billion market cap, ₺71.60 per share, down 4.34%
- Türk Hava Yolları (THYAO) → ₺427.11 billion market cap, ₺305.50 per share, down 1.29%
Precious Metals and Exchange Rates:
- Gold: ₺4,057
- Silver: ₺41.25
- Platinum: ₺1,242
- US Dollar (USD/TRY): ₺38.80
- Euro (EUR/TRY): ₺43.15
We look forward to seeing you again tomorrow with the latest updates!
