You can find today’s edition of 'Daily Market with JrKripto' below, featuring a roundup of the most important developments from both global and local markets. Let’s take a closer look at the overall market sentiment and the latest insights together.
Bitcoin formed a mini trading range over the weekend. With the start of the new week, BTC moved upward and reached as high as $106,600. However, it faced short-term pullbacks from this level. It's worth noting that the $106,500–$107,300 range remains a key resistance zone. Despite global market uncertainty, Bitcoin is displaying strong bullish momentum. If buying pressure continues at this pace, a breakout above this zone could lead to a move toward the next resistance at $108,900. On the downside, holding above the $105,000 level is a positive sign, with the next major support area located at $103,900.
As highlighted in our technical analysis section, Ethereum continues to trade within an ascending channel. The $2,580–$2,630 range is acting as a resistance zone. Ethereum appears to have been rejected from this region, briefly dropping to $2,530. However, reactionary buying has pushed the price back up to around $2,580. A successful breakout above this level could take ETH toward the upper boundary of the channel at $2,900. In case of a pullback, the first support is seen at $2,580, followed by a secondary support at $2,500.
Crypto News
- Japan kept its interest rate decision steady.
- Strategy acquired 10,100 BTC.
- Tron started working on an IPO.
- President Trump's Truth Social applied for the Truth Social Bitcoin and Ethereum ETF.
- SEC postponed the staking decision in Franklin's spot Ethereum ETF.
- Iran asked Qatar, Saudi Arabia, and Oman to pressure Trump to accept an immediate ceasefire with Israel. In return, Iran will show flexibility in nuclear negotiations with the US.
- Origin's DAO team to buy back $3 million in tokens.
- SEC accepts Truth Social Spot Bitcoin ETF application.
Cryptocurrencies
Top Gainers:
- WBT → up 29.3% to $51.44
- XCN → up 6.6% to $0.01447374
- BCH → up 4.2% to $475.32
- SYRUP → up 3.7% to $0.5457354
- PENDLE → up 3.5% to $3.96
Top Losers:
- KTA → down 14.9% to $0.88758792
- SPX → down 13.3% to $1.45
- EIGEN → down 11.1% to $1.16
- GIGA → down 11.1% to $0.02168006
- GRASS → down 10.5% to $1.50
Fear Index:
- Bitcoin: 64 (Greed)
- Ethereum: 54 (Neutral)
Dominance:
- Bitcoin: 64.76% ▼ 0.17%
- Ethereum: 9.55% ▲ 1.71%
Daily Total Net ETF Inflows
- BTC ETFs: -$9.61B
- ETH ETFs: $21.40M
Data to Watch Today
- 15:30 – Core Retail Sales (Monthly) (May)◦ Expected: 0.2%◦ Previous: 0.1%
- 15:30 – Retail Sales (Monthly) (May)◦ Expected: -0.5%◦ Previous: 0.1%
Global Markets
Yesterday, U.S. stock markets closed higher amid hopes that tensions between Iran and Israel could ease. The S&P 500 rose 0.9%, and the Nasdaq gained 1.5%, with tech stocks leading the rally. In contrast, energy stocks declined alongside falling oil prices. The VIX fear index dropped by 1.7 points to 19.1, indicating a slight easing in market anxiety.
However, unconfirmed reports concerning the Strait of Hormuz and the ongoing regional tensions are prompting caution in the markets. This morning, both European and U.S. futures markets saw slight declines.
Global markets remain focused on developments along the Iran-Israel axis. As previously noted, interest rate decisions from the Fed, the Bank of England, and the Central Bank of Turkey (CBRT) will also be closely watched this week. While no rate changes are expected, the accompanying statements and updated economic projections will play a key role in shaping market sentiment. In addition, Japan has announced that it is leaving interest rates unchanged.
Most Valuable Companies and Stock Prices
- Microsoft (MSFT) → $3.56 trillion market cap, $479.14 per share, up 0.88%
- NVIDIA (NVDA) → $3.53 trillion market cap, $144.69 per share, up 1.92%
- Apple (AAPL) → $2.96 trillion market cap, $198.42 per share, up 1.00%
- Amazon (AMZN) → $2.29 trillion market cap, $216.10 per share, up 1.89%
- Alphabet (GOOG) → $2.15 trillion market cap, $177.94 per share, up 1.17%
Borsa Istanbul
According to the data released yesterday, Turkey's current account deficit in April was $7.9 billion. This is close to market expectations; our estimate yesterday was $7.7 billion. However, the total 12-month deficit increased to $15.8 billion. The data shows us that there is a temporary deterioration in the current account balance. However, the preliminary foreign trade data for May shows that this deterioration may be short-lived and that recovery may begin.
On the Borsa Istanbul (BIST) side, pressure continues due to the Iran-Israel tension in the Middle East. Although the news that the parties were seeking a compromise yesterday provided short-term relief, a permanent recovery could not be achieved. The BIST100 index completed the day horizontally-positive at 9,350.
One of the most important developments for the markets this week will be the Central Bank of Turkey’s (CBRT) interest rate decision to be announced on Thursday. According to the Market Participants Survey published yesterday, investors think that the TCMB may start reducing interest rates in the second half of the year.
When we look at the BIST100 index technically, the range of 9,043–8,994 appears as a strong support area. In the scenario where these levels are maintained, upward attempts are quite healthy. Above, the range of 9,446–9,475 is followed as resistance.
Companies with the Highest Market Value on Borsa Istanbul
- QNB Finansbank (QNBTR) → 858.44 billion TL market value, 258.75 TL per share price, increased by 0.98%
- Aselsan Elektronik Sanayi (ASELS) → 633.38 billion TL market value, 143.90 TL per share price, increased by 3.60%
- Türkiye Garanti Bankası (GARAN) → 493.08 billion TL market value, 116.30 TL per share price, decreased by 0.94%
- Koç Holding (KCHOL) → 371.76 billion TL market value, 145.70 TL per share price, decreased by 0.61%
- Turkish Airlines Inc. (THYAO) → 366.05 billion TL market value, 262.50 TL per share price, decreased by 1.04%
Precious Metals and Currency Prices
- Gold: 4,295 TL
- Silver: 46.20 TL
- Platinum: 1,568 TL
- Dollar: 39.39 TL
- Euro: 45.59 TL
We look forward to bringing you the latest updates again tomorrow!
