Welcome to today’s edition of “Daily Market Update with JrKripto,” where we highlight the most important developments in both global and local markets. Let’s dive into the current market conditions and explore the latest outlooks.
Cryptocurrency Market Overview
Bitcoin (BTC) is currently trading at $83,350. The $79,100 to $80,763 range stands out as a strong support zone. After slipping below the $85,600 resistance, BTC continues its downward move. If it fails to hold above $83,763, the price could retreat toward the $80,763 support. However, if Bitcoin regains momentum and breaks back above $85,600, the uptrend could extend toward the $90,700 level.
Ethereum (ETH) is trading around $1,800. The $1,900 level is being watched as a critical resistance. A drop below $1,800 could increase the risk of a decline toward $1,700. On the upside, breaking above $1,900 could help ETH recover toward $2,000. Sustained closes above $2,000 may fuel further gains toward $2,250, $2,534, and $2,721.
Key Crypto News
- India’s public enterprise Jerking's Board approved a fundraising initiative to purchase Bitcoin.
- Justin Sun rescued the TUSD stablecoin, which faced a $500 million deficit due to a large-scale fraud case.
- Bloomberg reported that Donald Trump is expected to announce the most aggressive global tariffs in a century.
- Justin Sun also announced the bankruptcy of First Digital Trust and urged users to secure their assets immediately.
- Fidelity has launched a retirement plan allowing direct investment in cryptocurrencies.
- Trump’s proposed 25% tariffs on automobile imports would cover nearly $600 billion in auto parts and computer components.
- The U.S. will impose a 10% base tariff on all countries starting April 5, with higher tariffs on selected countries beginning April 9.
Top Gainers
- SAROS → Up 31.2%, reaching $0.1153
- UXLINK → Up 19.7%, reaching $0.4836
- W → Up 11.1%, reaching $0.0841
- DGB → Up 7.4%, reaching $0.0090
- CHEEMS → Up 7.3%, reaching $0.00000162
Top Losers
- FARTCOIN → Down 25.4%, at $0.3866
- SPX → Down 17.1%, at $0.4256
- GRASS → Down 16.5%, at $1.56
- HYPE → Down 14.7%, at $11.52
- EIGEN → Down 13.4%, at $0.7719
Market Sentiment and Metrics
- Bitcoin Fear Index: 32 (Fear)
- Bitcoin Dominance: 62.71 percent (slightly down)
- Ethereum Dominance: 8.33 percent (slightly up)
Key Economic Data (U.S. Time)
- 15:30 – Initial Jobless ClaimsForecast: 225K | Previous: 224K
- 16:45 – Services PMI (March)Forecast: 54.3 | Previous: 51.0
- 17:00 – ISM Non-Manufacturing PMI (March)Forecast: 53.0 | Previous: 53.5
Global Market Summary
U.S. indices ended the day higher, driven by expectations surrounding President Trump’s new tariffs. However, futures markets dropped sharply following the announcement of steeper-than-expected tariffs.
Highlights include:
- Tariffs of 34 percent on China, 20 percent on the European Union, 24 percent on Japan, and 46 percent on Vietnam. Canada and Mexico are exempt.
- A 10 percent base tariff will take effect on April 5. Higher country-specific tariffs will begin on April 9.
- A 25 percent tariff on car imports will be implemented at midnight.
- Recession fears resurfaced, pushing bond yields lower. The 2-year U.S. Treasury yield fell to 3.86 percent, and the 10-year yield dropped to 4.13 percent.
- The U.S. Dollar Index fell to 102.8, its lowest since October, while the EUR/USD pair rose to 1.095.
- Oil prices fell by 2.4 percent to $73.1 per barrel. Gold hit a record high of $3,168 per ounce before retreating to $3,130.
Economic data from the U.S. was mixed. Private payrolls grew by 155,000 in March, beating expectations, though mining, trade, and transport sectors saw job losses. Durable goods orders rose 1.0 percent in February, while factory orders climbed 0.6 percent. Mortgage applications declined for a third consecutive week, falling 1.6 percent. China’s Caixin Services PMI rose to 51.9. Today’s focus is on U.S. ISM services data and weekly jobless claims, as well as final services PMI figures from the Eurozone and the UK.
Top U.S. Companies by Market Cap
- Apple (AAPL): $3.36T | $223.89 (+0.31%)
- Microsoft (MSFT): $2.84T | $382.14 (-0.01%)
- NVIDIA (NVDA): $2.69T | $110.42 (+0.25%)
- Amazon (AMZN): $2.08T | $196.01 (+2.00%)
- Alphabet (GOOG): $1.92T | $158.86 (-0.01%)
Borsa Istanbul Update
Investor sentiment remains subdued at Borsa Istanbul, and global market uncertainty may add further pressure today. The BIST 100 is likely to test support in the 9,300–9,400 range, with resistance seen at 9,650 and 9,800.
Turkey’s March Manufacturing PMI fell by 1.0 point to 47.3, the lowest since October, reflecting weaker demand. Bloomberg HT's Consumer Confidence Index also declined by 4.40 percent to 73.70. February inflation was 2.27 percent monthly and 39.1 percent annually. March inflation is expected at 2.7 percent monthly and 38.4 percent annually, though market expectations are slightly higher.
Yesterday, the BIST 100 closed lower due to losses in retail and aviation stocks, while mining and REIT stocks outperformed. If March inflation surprises to the downside, bank stocks may benefit slightly. On the other hand, heightened trade war risks could weigh on market sentiment. However, Turkey’s relatively favorable tariff status compared to other emerging markets could improve its long-term investment outlook.
The index closed at 9,523 yesterday, maintaining a weak trend. If the 9,738–9,895 resistance zone is breached, a move toward 10,197 could be supported. However, to sustain upward momentum, the 9,473–9,415 support zone must hold. Failing that, the 9,221–8,870 range may come into focus.
Top Market Cap Stocks on Borsa Istanbul
- QNB Finansbank (QNBTR): ₺1.05 trillion | ₺320.00 (+2.56%)
- Aselsan (ASELS): ₺539.45 billion | ₺117.20 (-0.93%)
- Garanti Bank (GARAN): ₺491.82 billion | ₺117.20 (+0.09%)
- Turkish Airlines (THYAO): ₺420.9 billion | ₺306.50 (+0.49%)
- Koç Holding (KCHOL): ₺406.76 billion | ₺162.30 (+1.18%)
Precious Metals and Currency Rates (TRY)
- Gold: 3,819
- Silver: 41.28
- Platinum: 1,197
- US Dollar: 37.95
- Euro: 41.64
That’s a wrap for today’s market insights. See you again tomorrow with fresh updates and analysis from global markets and the crypto space.
