You can find today’s “Daily Market with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze general market conditions together and take a look at the latest assessments.
Bitcoin (BTC), which began its long-term uptrend from $75,930 and reached an all-time high of $111,980, has pulled back to $105,170 due to profit-taking. Technically, $104,629 stands out as the first support level, and if this level is breached, $101,059 and $96,115 will be the next supports to watch. For the upward recovery to gain momentum, breaking above $109,588 is critical. If this resistance is surpassed, $111,980 and then $114,500 could come back into play.
Ethereum (ETH) extended its rally from $1,486 up to $3,004 before entering a correction and is currently trading at $2,610. The price is still holding above the $2,385 support, but if it dips below this level, $2,098 and $2,004 will be the next support levels. To continue its upward movement, ETH must break the $2,711 resistance. If this level is breached, $2,838 and $3,004 could be targeted again. Overall, as long as ETH stays above $2,385, the bullish scenario remains valid.
Crypto News
- Russia and Ukraine have started second-round peace talks in Turkey.
- Webus signed a $300 million XRP treasury deal with Samara Alpha.
- Strategy announced it has purchased 705 BTC.
- Hong Kong-based Reitar Logtech disclosed to the SEC plans to purchase up to $1.5 billion in BTC to increase reserves and hedge against financial volatility.
- Michael Saylor’s company Strategy announced an IPO of STRD shares to raise funds for more #Bitcoin purchases.
- Turkey’s Consumer Price Index for May came in at 1.53% monthly, dropping to 35.41% annually.
Top Gainers in Cryptocurrencies
- SYRUP → Up 16.4% to $0.43140794
- MKR → Up 16.2% to $1,822.75
- MOODENG → Up 15.7% to $0.21847194
- WIF → Up 15.4% to $0.97770381
- POPCAT → Up 14.1% to $0.40991055
Top Losers in Cryptocurrencies
- DEXE → Down 34.1% to $9.30
- ZBCN → Down 18.1% to $0.00495409
- SAROS → Down 4.6% to $0.2013825
- TAO → Down 4.1% to $392.19
- VANA → Down 3.9% to $6.68
Fear Index
- Bitcoin: 63
- Ethereum: 52
Dominance
- Bitcoin: 64.05% ▼ 0.31%
- Ethereum: 9.66% ▲ 0.52%
Daily Net ETF Flows
- BTC ETFs: -$267.50 million
- ETH ETFs: $78.20 million
Data to Watch Today
- Time: 17:00 – Job Openings and Labor Turnover Survey (JOLTS) (Apr)
- Expectation: 7.110M / Previous: 7.192M
Global Markets
Despite escalating trade tensions between the US and China, US stock markets closed the day higher. The S&P 500 rose by 0.41%, the Nasdaq by 0.67%, and the Dow Jones by 0.08%. The “Magnificent Seven” tech giants outperformed with a 0.73% gain. Meanwhile, there was selling pressure in the bond market and the US Dollar Index.
Rising geopolitical risks, especially the renewed Russia-Ukraine conflict, have pushed investors toward safe-haven assets like gold and silver. Concerns over Russian oil supply also pushed oil prices higher. Seven of the eleven sectors in the S&P 500 posted gains. The healthcare sector (+0.96%) and consumer staples (+0.42%) performed best, while the energy sector lagged behind with a 1.55% loss.
The US ISM Manufacturing PMI for May confirmed a slowdown in the economy, falling to 48.5—below the expected 49.5—and remained in contraction territory for the third straight month. Although there was a partial recovery in production and employment components, overall contraction persists. Business leaders noted that tariffs and uncertainty are negatively impacting foreign orders.
Meanwhile, positive signals about potential rate cuts have started to emerge from Fed officials. After Governor Waller, Chicago Fed President Goolsbee also stated that a rate cut could be considered if tariff-related uncertainties are resolved.
In China, signs of economic slowdown are becoming more apparent. The Caixin Manufacturing PMI dropped to 48.3, well below expectations and the lowest level since September 2022. This weak data has fueled expectations of monetary easing in China, prompting a positive reaction in Asian markets. European markets are expected to open flat but positive today.
In the US, factory orders for April and JOLTS job openings data will be closely watched. These reports could provide key insights into the labor market and industrial production.
Most Valuable Companies and Stock Prices
- Microsoft (MSFT) → $3.43 trillion market cap, $461.97 per share, +0.35%
- NVIDIA (NVDA) → $3.35 trillion market cap, $137.38 per share, +1.67%
- Apple (AAPL) → $3.01 trillion market cap, $201.70 per share, +0.42%
- Amazon (AMZN) → $2.19 trillion market cap, $206.65 per share, +0.80%
- Alphabet (GOOG) → $2.06 trillion market cap, $170.37 per share, -1.43%
Borsa Istanbul
Domestic data continues to indicate a slowdown in economic activity. The Istanbul Chamber of Industry’s Turkey Manufacturing PMI came in at 47.2 in May, close to the two-month average, signaling weak domestic and external demand in the manufacturing sector. The stagnation in demand negatively impacted production, employment, and firms’ input purchases, while supplier delivery times continued to shorten. Although exchange rate volatility eased compared to the previous month, it still pressures production costs.
According to provisional foreign trade data from the Ministry of Trade, exports in May rose 2.7% year-on-year to $24.8 billion, while imports increased by 2.1% to $31.3 billion. The trade deficit remained steady at $6.5 billion. Seasonally and calendar-adjusted data suggest that the deterioration seen in April was temporary and there was a recovery in the trade balance in May.
In consumer sentiment, Bloomberg HT’s Consumer Confidence Index rose by 0.2% to 72.36 in May. Today’s inflation figures from TURKSTAT will clarify May’s inflation outlook. In April, inflation stood at 3.0% monthly and 37.86% annually. Our expectation for May is a 1.8% monthly increase and 35.8% annually. However, market consensus expects monthly inflation to exceed 2%.
The BIST-100 index continues to move sideways around the 9,000 level. After sharp declines in banking stocks last Friday, there was a rebound yesterday, with the banking index rising 1.5%, helping the BIST-100 stay above the critical 9,000 mark. According to data released yesterday by the BRSA, the banking sector saw a decline in profitability in April due to rising interest rates. Today’s inflation data will be key for the markets. Additionally, with the upcoming holiday break, investor appetite may increase due to settlement advantages, suggesting a limited upward movement in Borsa Istanbul today.
Most Valuable Companies in Borsa Istanbul
- QNB Finansbank (QNBTR) → 856.76 billion TL market cap, 255.75 TL/share, 0.00% change
- Aselsan Electronic Industry (ASELS) → 589.61 billion TL market cap, 128.40 TL/share, -0.70%
- Garanti Bank (GARAN) → 452.76 billion TL market cap, 116.30 TL/share, +7.88%
- Turkish Airlines (THYAO) → 380.54 billion TL market cap, 282.00 TL/share, +2.27%
- Koç Holding A.Ş. (KCHOL) → 363.9 billion TL market cap, 149.70 TL/share, +4.32%
Precious Metals and Exchange Rates
- Gold: 4,230 TL
- Silver: 43.12 TL
- Platinum: 1,337 TL
- USD: 39.20 TL
- EUR: 44.77 TL
See you tomorrow with more market updates!
