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 overall market conditions together and review the latest updates.
Bitcoin (BTC) had previously dropped below the $104,977 support level, falling to as low as $101,150 before rebounding from the $101,059–$100,063 range with strong buying pressure and breaking out of the descending channel to the upside. However, BTC has now pulled back to around $104,950, once again approaching critical support levels. If the downward move continues, the $104,977 and $101,059 supports remain important. A drop below these levels could bring the $96,914 level into focus. On the upside, it will be difficult to speak of a sustained recovery unless the $106,794 and especially $109,588 resistance levels are broken. A stable move above $109,588 could target $111,980 (ATH) and $114,500.
Ethereum (ETH) also gave a positive signal earlier by breaking out of its descending channel, but it has now pulled back to around $2,525. This weakening has raised doubts about the recovery. If the downward movement continues, the $2,385 level stands out as strong support. Falling below this level could bring $2,098 and then $2,004 into play. For the upward recovery to gain momentum, ETH needs to break above $2,711 and then $2,838. However, to reestablish a positive outlook, the price must maintain above $2,711.
Crypto News
- BlackRock aims to become the world's largest crypto asset manager by 2030.
- President Trump called the 🇺🇸🇨🇳 China trade deal "GREAT!"
- Trident announced a funding plan of up to $500 million for the XRP Treasury and appointed Chaince Securities LLC as a strategic advisor.
- Financial market giant DTCC is exploring a stablecoin.
- French firm The Blockchain Group raised €9.7 million to buy more Bitcoin.
- Coinbase to launch futures trading in the U.S.
- Coinbase is partnering with American Express to launch the 'Coinbase One Card' offering up to 4% Bitcoin cashback.
- Israeli air force carried out airstrikes on Iran.
Top Gainers in Cryptocurrencies
- VENOM → Up 26.6% to $0.17085618
- AERO → Up 15.0% to $0.63056735
- TRIBE → Up 5.5% to $0.45062473
- AB → Up 5.0% to $0.01219636
- WBT → Up 3.2% to $33.62
Top Losers in Cryptocurrencies
- SPX → Down 18.4% to $1.39
- FARTCOIN → Down 17.9% to $1.10
- MOG → Down 17.0% to $0.97854539
- POPCAT → Down 16.7% to $0.3029431
- BRETT → Down 16.5% to $0.04416029
Fear Index
- Bitcoin: 66
- Ethereum: 58
Dominance
- Bitcoin: 64.85% ▲ 0.83%
- Ethereum: 9.41% ▼ 3.66%
Daily Net ETF Inflows
- BTC ETFs: $86.30 Million
- ETH ETFs: $112.30 Million
Global Markets
The day began with reports that Israel struck multiple targets in Iran. We had previously warned in yesterday’s bulletin of rising geopolitical tensions in the region, but the scale and speed of this development have exceeded market expectations. Reports indicate that Israel hit military, industrial, and even academic targets in over 10 cities in Iran. The scope of this strike is significant, and attention now turns to Iran’s possible retaliation. Whether Iran will target Israeli cities or U.S. bases in the region remains a closely watched matter.
These developments have caused noticeable movements in asset prices. Oil prices have surged nearly 10%, while gains have also been seen in precious metals, agricultural commodities, and other safe-haven assets. Conversely, global equity markets are under selling pressure. Losses in U.S. and European futures and Asian stock markets range between 1–2%.
Yesterday, U.S. stock indices closed higher. The S&P 500 gained 0.4% and the Nasdaq 0.2%, while the VIX volatility index rose 0.8 points to 18.0. In Europe, the Eurostoxx-600 index declined by 0.3% due to diminishing trade optimism and heightened geopolitical tensions.
Following the Middle East crisis, Brent crude oil tested $78.50 this morning and is currently trading around $74.70, up 7.7%. Gold also hit a one-month high on safe-haven demand, rising 1.1% to $3,422 per ounce. The U.S. Dollar Index (DXY) is up 0.4% at 98.3. Selling pressure continues in futures markets and Asian equities.
On the macroeconomic front, the U.S. Producer Price Index (PPI) rose 0.1% in May, falling short of the 0.2% market expectation. Year-over-year, PPI rose to 2.6% from 2.5%. The decline in airline fares and flat energy prices contributed to the lower increase.
Better-than-expected CPI and PPI data, along with signs of cooling in the labor market, have increased expectations of a potential Fed rate cut in September. However, at the upcoming June 18 meeting, the Fed is expected to keep interest rates unchanged.
Additionally, weekly jobless claims in the U.S. came in at 248,000 for the week ending June 7, exceeding expectations of 242,000. Continuing claims rose to 1.96 million—the highest since November 2021—indicating a slowdown in the labor market.
Most Valuable Companies & Stock Prices
- Microsoft (MSFT): $3.56 trillion market cap, $478.87 per share, up 1.32%
- NVIDIA (NVDA): $3.54 trillion market cap, $145.00 per share, up 1.52%
- Apple (AAPL): $2.98 trillion market cap, $199.20 per share, up 0.21%
- Amazon (AMZN): $2.26 trillion market cap, $213.24 per share, up 0.02%
- Alphabet (GOOG): $2.14 trillion market cap, $176.97 per share, down 1.02%
Borsa Istanbul
In Turkey, the Industrial Production Index (IPI) for April showed a sharp 3.1% monthly decline. The calendar-adjusted annual change was 3.3%. This steep monthly drop largely reflects a correction and normalization following March's strong growth. Volatility in capital goods production continues to be the primary driver of fluctuations in industrial output.
The Construction Cost Index rose 1.7% in April month-over-month, with an annual increase of 22.7%. This marks the 11th consecutive month of year-over-year decline. Seasonally adjusted figures show that the monthly increase accelerated from 1.9% to 2.3%, signaling rising construction costs.
Due to heightened geopolitical tensions in the Middle East, the BIST-100 index fell below its 100- and 200-day moving averages, ending the day down 1.7%. The biggest losses were in the banking, holding, and aviation sectors, while defense and steel stocks performed relatively better. The rise in geopolitical risk also pushed up oil and gold prices.
Meanwhile, the CBRT has shifted all its funding operations to weekly repo auctions, bringing the average funding cost down to 46%—a 300 basis point drop over the last three trading days.
Geopolitical tensions will continue to be the dominant factor in the short term. As such, a bearish trend may persist on the BIST today.
Technical Outlook:The BIST-100 index closed at 9,520 yesterday, showing a weak trend throughout the session. The pullback, which began from 9,734—just below the 9,740–9,770 resistance band—continued throughout the day but remained relatively limited. The index staying above the 9,475–9,445 transition band indicates that the bullish expectation is still intact. If this support zone is breached, signs of weakness may strengthen, bringing the 9,255–9,148 support range back into focus. For now, as long as the index remains above this support zone, the possibility of retesting the 9,740–9,770 resistance band remains on the table.
Most Valuable Companies on Borsa Istanbul
- QNB Finansbank (QNBTR): 876.86B TRY market cap, 258.75 TRY per share, down 1.15%
- Aselsan (ASELS): 659.83B TRY market cap, 144.20 TRY per share, down 0.35%
- Garanti Bank (GARAN): 499.8B TRY market cap, 114.20 TRY per share, down 4.03%
- Turkish Airlines (THYAO): 384.68B TRY market cap, 265.00 TRY per share, down 4.93%
- Koç Holding (KCHOL): 374.3B TRY market cap, 142.20 TRY per share, down 3.66%
Precious Metals & Currency Prices
- Gold: 4,334 TRY
- Silver: 46.19 TRY
- Platinum: 1,617 TRY
- USD: 39.42 TRY
- EUR: 45.45 TRY
See you again tomorrow with the latest updates!
