You can find today’s “Daily Market Update with JrKripto,” where we’ve compiled the most important developments from global and local markets, below. Let’s analyze the general market conditions together and take a look at the latest evaluations.
Bitcoin (BTC) is currently trading at $108,380. The long-term upward trend that began at $75,930 gained momentum after breaking through the resistance levels at $101,059 and $104,000. The price surged to $111,880, setting a new all-time high (ATH). However, following this peak, profit-taking led to a pullback, bringing BTC down to around $108,000. At the moment, BTC is moving within a horizontal consolidation range between $108,000 and $111,000. If the price breaks upward from this range, $114,500 and $118,300 are potential resistance targets. On the other hand, if the price breaks downward, $108,000 is the first support level to watch. Should this level fail to hold, the next support zones are $104,629 and $101,059. Maintaining above the $108,000 level is critically important for the continuation of the bullish trend in BTC.
Ethereum (ETH) is currently trading at $2,720. The strong upward trend that began at $1,486 gained momentum after breaking through the resistance levels at $2,453 and $2,595. Following a recent correction, the price has climbed to $2,720. ETH is currently exhibiting horizontal price movement within the $2,595 – $2,800 range. If this consolidation zone is broken to the upside, $2,981 and the psychological resistance at $3,000 could be targeted. On the downside, $2,595 is the first support level, followed by $2,453 and $2,095 if it breaks below. The outlook for ETH remains positive, but sustaining above the $2,800 level is necessary for the upward momentum to strengthen.
Crypto News
- U.S. Vice President JD Vance: “Soon, more than 100 million Americans will own #Bitcoin.”
- Nvidia Q1 2025 Earnings: Came in above expectations at $44.1 billion.
- Pakistan is establishing a strategic Bitcoin reserve under government leadership.
- A federal court ruled that Trump does not have the authority to impose tariffs under economic emergency legislation.
- The Central Bank of Russia announced it will allow financial institutions to offer crypto-linked derivatives, securities, and digital financial assets to qualified investors.
Top Gainers:
- ZBCN → Up 32.0% to $0.00550774
- SPX → Up 21.7% to $1.18
- EIGEN → Up 11.4% to $1.67
- TON → Up 8.7% to $3.35
- IOTX → Up 8.6% to $0.02358207
Top Losers:
- PLUME → Down 7.9% to $0.1474069
- SYRUP → Down 7.2% to $0.41507846
- DEEP → Down 4.8% to $0.17444699
- GRASS → Down 4.6% to $2.14
- AI16Z → Down 4.2% to $0.29408506
Fear Index:
- Bitcoin: 73
- Ethereum: 62
Dominance:
- Bitcoin: 63.46% ▼ 0.45%
- Ethereum: 9.86% ▲ 2.28%
Daily Total Net ETF Inflows
- BTC ETFs: $432.70 Million
- ETH ETFs: $84.90 Million
Key Data to Watch Today
- 15:30 – Gross Domestic Product (GDP) (Quarterly) (Q1)
- Forecast: -0.3%
- Previous: 2.4%
- 15:30 – Initial Jobless Claims
- Forecast: 229K
- Previous: 227K
- 19:00 – EIA Crude Oil Inventories
- Forecast: 1.000M barrels increase
- Previous: 1.328M barrels increase
Global Markets
This morning, global risk appetite is trending positively. The decision by the U.S. International Trade Court to halt tariffs imposed by former President Trump on imports—citing an overreach of legal authority—was welcomed by the markets. Following this development, U.S. stock index futures, which had closed lower yesterday, are showing gains of up to 2% this morning. Similarly, futures in Asian and European markets are also on the rise.
Yesterday, U.S. equity indices closed in negative territory. The Fed’s May FOMC meeting minutes emphasized the increased uncertainty due to import tariffs and stated that interest rate policy changes should wait until there is more clarity on the economic outlook. Additionally, concerns were raised about inflation being more persistent than expected and rising unemployment risks. As a result, investor risk appetite decreased, and selling pressure intensified. The S&P 500 fell 0.56%, the Dow Jones 0.58%, and the Nasdaq 0.51%. All sectors posted negative performances, with infrastructure, raw materials, and energy leading the losses.
Meanwhile, Nvidia’s much-anticipated Q1 results were released. Although its net profit of $0.81 per share slightly missed expectations, revenue came in stronger than expected at $44.1 billion. Despite ongoing restrictions in the Chinese market, these robust results were positively received by both Nvidia shareholders and the broader market.
Today’s economic data flow is highlighted by U.S. Q1 GDP figures and personal consumption expenditures. These indicators could be key in determining market direction. Overall, Trump’s trade policies and the Fed’s cautious stance continue to be major influences on global markets.
Most Valuable Companies and Stock Prices
- Microsoft (MSFT) → $3.4 trillion market cap, $457.36 per share, down 0.72%
- NVIDIA (NVDA) → $3.29 trillion market cap, $134.81 per share, down 0.51%
- Apple (AAPL) → $2.99 trillion market cap, $200.42 per share, up 0.10%
- Amazon (AMZN) → $2.17 trillion market cap, $204.72 per share, down 0.63%
- Alphabet (GOOG) → $2.1 trillion market cap, $173.38 per share, down 0.34%
Borsa Istanbul
Domestically, Turkey’s Economic Confidence Index rose slightly to 96.7 in May. While consumer and sectoral confidence indices increased, business confidence declined. Today, TURKSTAT will release the final foreign trade data for April. According to preliminary data from the Ministry of Trade, exports rose 8.5% year-over-year to $20.9 billion, while imports increased by 12.9% to $33 billion. Consequently, the trade deficit rose by $2.1 billion year-over-year, reaching $12 billion. On Friday, Q1 2025 GDP data and the Central Bank of Turkey’s Financial Stability Report will be released.
The BIST-100 index closed at 9,178 yesterday, continuing its downward movement. The index tested 9,248 with a limited intraday rise but then fell back due to selling pressure, ending the day near its lowest dollar-based level in a year. The technical outlook remains weak, with the 9,148–9,044 band seen as a relatively strong support zone. A short-term rebound may occur at these levels, but a drop below this range could signal further weakness.
Closures above 9,475 could signal renewed optimism. Intraday resistance levels are at 9,224, 9,325, 9,331, and 9,410, while the main resistance levels are at 9,475/9,500, 9,588, and 9,740/9,760. Support levels are at 9,148, 9,074/9,044, 8,984, 8,872, and 8,618. The index is expected to move sideways today. Key data releases this week include Friday’s GDP figures and the Central Bank’s report.
Top Companies by Market Value on Borsa Istanbul
- QNB Finansbank (QNBTR) → Market cap: 863.46 billion TL, price per share: 257.75 TL, no change
- Aselsan Electronic Industries (ASELS) → Market cap: 616.06 billion TL, price per share: 132.70 TL, down 1.78%
- Garanti Bank (GARAN) → Market cap: 467.04 billion TL, price per share: 110.80 TL, down 0.36%
- Turkish Airlines (THYAO) → Market cap: 381.57 billion TL, price per share: 278.25 TL, up 0.63%
- Koç Holding (KCHOL) → Market cap: 364.66 billion TL, price per share: 143.70 TL, down 0.07%
Precious Metals and Currency Prices
- Gold: 4,111 TL
- Silver: 41.88 TL
- Platinum: 1,364 TL
- USD: 39.09 TL
- EUR: 44.06 TL
See you again tomorrow with more market updates!
