You can find today’s edition of “Daily Market with JrKripto,” where we compile the most important developments from global and local markets, below. Let’s analyze the general market conditions together and review the latest evaluations.
Bitcoin (BTC) is currently trading at $111,030. The long-term uptrend that began at $75,930 accelerated after surpassing the $101,059 and $104,000 resistance levels, with the price reaching a new all-time high (ATH) at $111,880 today. The limited pullback seen after this peak is considered a healthy profit-taking. If the upward move continues, the next resistance targets stand at $114,500 and $118,300. In potential downward corrections, $108,000 serves as the first strong support, followed by $104,629 and $101,059 as lower support levels. To maintain the positive outlook, staying above $108,000 is crucial.
Ethereum (ETH) is currently trading sideways at $2,665. The strong upward trend from $1,486 gained momentum after breaking the $2,453 and $2,595 resistance levels. ETH continues to hold above $2,595, and as long as this level holds, the next resistance targets are $2,800 and $2,981. In case of downward movement, $2,595 will be the first support. If breached, $2,453 and $2,095 will come back into focus. Maintaining above $2,595 is key to preserving ETH’s upward momentum.
Crypto News
- SEC approves Canary Staking TRX ETF application.
- CFTC’s Mersinger: Crypto perpetual futures may be tradable in the U.S.
- Kraken to offer over 50 tokenized stocks and ETFs, including Apple, Tesla, and NVIDIA.
- Strategy plans to sell $2.1 billion in preferred shares to fund Bitcoin purchases.
- Cetus protocol on $SUI exploited.
- FIFA partners with Avalanche (AVAX) to launch its own blockchain network.
- Binance to list World Liberty Financial USD (USD1).
Top Gainers:
- MEW → up 27.6%, now at $0.00466798
- WLD → up 23.0%, now at $1.56
- DOG → up 21.0%, now at $0.00546503
- HYPE → up 18.2%, now at $36.83
- WHYPE → up 17.6%, now at $36.66
Top Losers:
- KTA → down 13.8%, now at $0.73976103
- TRUMP → down 9.4%, now at $13.95
- DEEP → down 9.1%, now at $0.19136417
- FRAX → down 9.1%, now at $3.22
- WAL → down 8.5%, now at $0.58493299
Fear & Greed Index:
- Bitcoin: 75
- Ethereum: 60
Market Dominance:
- Bitcoin: 63.81% ▼ 0.31%
- Ethereum: 9.32% ▲ 0.49%
Daily Total Net ETF Inflows:
- BTC ETFs: $934.80 million
- ETH ETFs: $110.50 million
Global Markets
U.S. stock markets started the day under selling pressure but ended flat thanks to bond market buying. The S&P 500 and Dow Jones indices moved sideways, while the Nasdaq rose 0.28%, with the "Magnificent Seven" tech stocks showing strong performance. Only 3 out of 11 sectors in the S&P 500 closed in the green.
S&P Global's services and manufacturing PMI came in at 52.3, beating expectations. This strong performance was supported by potential delays in U.S. tariffs on China. However, existing home sales fell 0.5%, reflecting weakness in that area.
Meanwhile, a tax cut bill passed the House of Representatives by a vote of 215 to 214, and now moves to the Senate. This development is shaping market expectations for future tax policies. Still, near-term budget deficit concerns are suppressing demand for bond auctions. As of this morning, U.S. futures are showing mild declines.
The VIX volatility index fell 0.6 points to 20.3, indicating a relatively calm market.
Weekly jobless claims in the U.S. dropped by 2,000 to 227,000 for the week ending May 17. However, the 4-week average rose by 1,000 to 231,500, signaling slight labor market cooling. Continuing claims rose by 36,000 to 1.9 millionfor the week ending May 10.
In Asia, markets were mixed, while European indices opened positively. Today’s U.S. new home sales and building permits data will be closely watched.
In Japan, core inflation (excluding fresh food) rose from 3.2% in March to 3.5% in April, pointing to continued price pressures.
Most Valuable Companies & Stock Prices
- Microsoft (MSFT) → $3.38T market cap, share price: $454.86, ▲ 0.51%
- NVIDIA (NVDA) → $3.24T market cap, share price: $132.83, ▲ 0.78%
- Apple (AAPL) → $3.01T market cap, share price: $201.36, ▼ 0.36%
- Amazon (AMZN) → $2.16T market cap, share price: $203.10, ▲ 0.98%
- Alphabet (GOOG) → $2.08T market cap, share price: $171.98, ▲ 1.13%
Borsa Istanbul (BIST)
Yesterday, Borsa Istanbul saw a ~2% intraday rebound, closing near 9,500, driven by expectations related to the Credit Guarantee Fund. There is evidence of foreign buying and inflows from major institutions. However, technical indicators show that momentum is still weak. A clear upward move would require the index to break above the 9,700–9,800 range. As long as this does not happen, a cautious tone may persist.
In the short term, 9,530 points is a resistance level, while the 9,350–9,400 band is support. Below that, 9,000–9,100 is seen as the main support zone.
Q1 earnings from companies were weak, and rising interest rates prompted downward revisions in target prices. However, these were not as severe as expected. The 12-month average target for BIST 100, previously around 14,400 points, has been revised to 13,800. This still suggests an upside potential of about 46%—but for this to materialize, new market catalysts are needed, such as:
- Falling interest rates
- Accelerating economic growth
- Reduction in domestic and global political/economic uncertainty
Until these factors align, no meaningful short-term rally is expected.
Today, the market will follow the CBRT’s weekly foreign investor flows report. While there was a $670 million inflow over the past four weeks, a significant outflow is expected for the May 12–16 week.
Turkey’s 5-year CDS started the day at 298 basis points, indicating continued high risk perception.
According to the CBRT’s second Inflation Report of the year, inflation forecasts remain:
- 2025 year-end: 24%
- 2026: 12%
- 2027: 8%
The upper and lower bounds of these forecasts remain unchanged (e.g., 19–29% for 2025), and the CBRT notes that upward and downward risks are currently balanced.
Highest Market Cap Companies on Borsa Istanbul:
- QNB Finansbank (QNBTR) → 886.08B TL market cap, share price: 262.75 TL, ▼ 0.66%
- Aselsan (ASELS) → 624.72B TL market cap, share price: 136.10 TL, ▼ 0.66%
- Garanti Bank (GARAN) → 472.08B TL market cap, share price: 113.20 TL, ▲ 0.71%
- Turkish Airlines (THYAO) → 392.26B TL market cap, share price: 285.00 TL, ▲ 0.26%
- Koç Holding (KCHOL) → 382.41B TL market cap, share price: 151.20 TL, ▲ 0.27%
Precious Metals and Exchange Rates
- Gold: 4,155 TL
- Silver: 41.62 TL
- Platinum: 1,378 TL
- USD: 39.02 TL
- EUR: 44.17 TL
See you again tomorrow with the latest updates!
