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 review the latest updates.
Bitcoin (BTC) is currently trading at $105,400. The long-term uptrend that began at $75,930 gained momentum after breaking through the resistance levels at $101,059 and $104,000, eventually reaching an all-time high (ATH) of $111,880. However, following profit-taking at this peak, BTC has broken below the $108,000 support level and is currently trading below it. This pullback signals a short-term bearish outlook, with $104,629 serving as intermediate support and $101,059 as a stronger support zone. In potential upward recoveries, the first resistance lies again at $108,000. If this level is breached, $111,000 and subsequently $114,500 could be targeted. However, to maintain its upward trend, it is critical for BTC to establish support above the $108,000 level.
Ethereum (ETH) is currently trading at $2,610. The upward movement that began at $1,486 pushed the price above resistance levels at $2,453 and $2,595, reaching as high as $2,720. However, selling pressure from this region has dragged ETH back below the $2,595 level. The current price action points to a short-term correction. If the downward movement continues, $2,453 and $2,095 will serve as support levels. In case of upward recovery, $2,595 is once again the initial resistance. If surpassed, the next potential targets would be $2,800 and $2,981. For ETH’s positive outlook to regain strength, maintaining support above $2,595 is crucial.
Crypto News
- Bybit has obtained a MiCA license in Austria.
- Telegram raised $1.7 billion through convertible bonds to repay existing debt.
- Fed member Goolsbee: If tariffs are avoided through a deal or otherwise, we could return to a rate-cutting scenario.
- Bitcoin treasury firm Twenty One, backed by Tether, raised its total funding to $685 million following a second bond sale.
- White House: Trump told the Fed chair that not cutting rates is a mistake.
- The SEC Crypto Task Force met with Payward to discuss tokenization of traditional assets and staking services.
- SEC has dropped its lawsuit against Binance.
- Nigel Farage, leader of the UK Reform Party, will introduce a Strategic Bitcoin Reserve bill.
Top Gainers:
- LPT → Up 86.7% to $10.45
- VENOM → Up 16.7% to $0.12698581
- SAFE → Up 13.0% to $0.67709936
- DEXE → Up 12.6% to $14.10
- ZBCN → Up 12.0% to $0.00621744
Top Losers:
- PNUT → Down 20.6% to $0.27233779
- SYRUP → Down 16.9% to $0.34540183
- MOG → Down 16.2% to $0.00000101
- OM → Down 16.0% to $0.32981439
- DOG → Down 15.8% to $0.00441292
Fear Index:
- Bitcoin: 66
- Ethereum: 60
Dominance:
- Bitcoin: 63.96% ▲ 0.40%
- Ethereum: 9.64% ▼ 0.07%
Daily Net ETF Flows:
- BTC ETFs: -$346.80 Million
- ETH ETFs: $91.90 Million
Key Economic Data to Watch Today:
- 15:30 – Core Personal Consumption Expenditures (PCE) Price Index (YoY, April)
- Forecast: 2.5%
- Previous: 2.6%
- 15:30 – Core PCE Price Index (MoM, April)
- Forecast: 0.1%
- Previous: 0.0%
Global Markets
U.S. stock indices opened strong thanks to Nvidia’s solid financial results and the U.S. International Trade Court’s decision to block tariffs imposed by President Donald Trump. However, profit-taking occurred during the day after a federal appeals court temporarily halted this decision. Still, the indices closed higher: S&P 500 up 0.40%, Dow Jones up 0.28%, and Nasdaq up 0.39%.
Ten out of eleven S&P 500 sectors ended the day in positive territory, with the best performers being real estate (+0.95%), healthcare (+0.74%), and infrastructure (+0.69%). Telecommunications was the only sector to close lower (-0.35%). Nvidia shares rose 3.2%.
On the macroeconomic front, the U.S. economy contracted at an annualized rate of 0.2% in Q1 2025. While this is less than the initial estimate of -0.3%, it marks the first economic contraction since 2022. The upward revision was mainly due to stronger-than-expected investment spending. However, personal consumption grew only 1.2%, the lowest rate since Q2 2023. Government spending fell by 4.6%, the sharpest decline since 2022. Fixed investment rose 7.8%, and exports grew 2.4%. Imports surged 43%, suggesting that consumers and businesses pulled forward demand ahead of high tariffs.
Initial jobless claims in the U.S. rose by 14,000 to 240,000 for the week ending May 24 (forecast: 230,000). The four-week moving average dropped by 250 to 230,750. Continuing claims rose by 26,000 to 1.92 million for the week ending May 17.
Today, the markets are focused on April’s PCE inflation data, closely monitored by the Fed. The forecast is for monthly inflation to rise 0.1% and annual inflation to increase to 2.2% from 2.3% in March. Additionally, preliminary CPI data from Germany for May, U.S. personal income and spending, trade balance, and the University of Michigan’s final consumer sentiment index will be released. German CPI is expected to continue its gradual decline.
Asian indices opened slightly lower this morning, while European indices began the day in positive territory. Although trade policy uncertainty continues to cap gains, Nvidia’s strong results and today’s U.S. inflation data remain in sharp focus.
Top Companies by Market Value and Stock Prices
- Microsoft (MSFT) → $3.41 trillion market cap, $458.68 per share, up 0.29%
- NVIDIA (NVDA) → $3.4 trillion market cap, $139.19 per share, up 3.25%
- Apple (AAPL) → $2.99 trillion market cap, $199.95 per share, down 0.23%
- Amazon (AMZN) → $2.18 trillion market cap, $205.70 per share, up 0.48%
- Alphabet (GOOG) → $2.09 trillion market cap, $172.96 per share, down 0.24%
Borsa Istanbul
According to final data released by TURKSTAT, Turkey’s foreign trade deficit in April stood at $12.1 billion—close to the provisional figures earlier released by the Ministry of Trade. In the same period, exports increased 7.8% year-over-year to $20.8 billion, while imports rose 12.7% to $32.9 billion. As a result, the trade deficit for the first four months of 2025 reached $34.6 billion, a 14.7% increase compared to the same period last year. The 12-month rolling trade deficit reached $86.7 billion, the highest since June 2024.
Important domestic data releases are expected today. April’s unemployment rate, Q1 2025 GDP figures, and the Central Bank’s Financial Stability Report will be published. In Q4 2024, Turkey’s economy grew 3.0% annually and 1.7% quarter-on-quarter (seasonally and calendar-adjusted). For Q1 2025, annual growth is expected to be around 2.0%.
The BIST-100 index is trying to find support just below the 9,200 mark—near its lowest dollar-based level in a year. Since the beginning of the month, the banking, telecommunications, and energy sectors have shown strong performance, while chemical, cement, aviation, retail, and insurance sectors have remained weak. Today, GDP data will be released at 10:00 a.m., followed by the Central Bank’s Financial Stability Report at 10:30 a.m. Next Tuesday, May’s inflation figures will be published. Forecasts suggest monthly inflation around 2.0%. A flat trading day is expected on BIST-100.
Technically, the BIST-100 index tested 9,265 intraday yesterday before pulling back and closing at 9,171. The index is trying to hold above the previous support band of 9,148–9,044. While rebound attempts remain weak, efforts to stabilize in this zone may continue. If not, further weakness could follow. A close above 9,475 would signal renewed optimism. Intermediate resistance levels are at 9,224 and 9,325, while strong resistance lies at 9,475/9,500, 9,588, and 9,740/9,760. Support zones are at 9,148, 9,074/9,044, 8,984, 8,872, and 8,618.
Top Companies by Market Value on Borsa Istanbul
- QNB Finansbank (QNBTR) → 886.08 billion TL market cap, 264.50 TL per share, no change
- Aselsan Electronic Industries (ASELS) → 602.83 billion TL market cap, 129.30 TL per share, down 2.19%
- Garanti Bank (GARAN) → 460.32 billion TL market cap, 106.10 TL per share, down 3.19%
- Turkish Airlines (THYAO) → 384.33 billion TL market cap, 277.00 TL per share, down 0.54%
- Koç Holding A.Ş. (KCHOL) → 362.63 billion TL market cap, 143.50 TL per share, up 0.35%
Precious Metals and Exchange Rates
- Gold: 4,152 TL
- Silver: 41.81 TL
- Platinum: 1,361 TL
- USD: 39.22 TL
- EUR: 44.58 TL
See you again tomorrow with the latest updates!
