You can access the "Daily Market with JR Crypto" summary below, where we compile daily important developments in cryptocurrency, global and local markets.
Let's analyze the general situation in the markets together and take a look at the most up-to-date evaluations.
Bitcoin (BTC) touched the horizontal support area of $ 79,100 - $ 80,763 and the long-term rising trend line. At the same time, the 200-day moving average is in this area, strengthening the support. If the price holds at this level, the levels of $ 85,600 and $ 90,700 can be tested again. However, if support is lost, the next critical area will be the $ 74,100 - $ 74,200 band. The price movement at this support level in the coming days will be decisive in terms of the general direction of the market.
Ethereum (ETH) is trading close to the long-term rising trend support and the lower band of the symmetrical triangle. If the $ 2,000 support area is maintained, the possibility of an upward recovery increases. However, if this area is lost, a pullback towards the $1,900 level may be seen. In upward movements, the $2,250 and $2,534 levels are critical resistance points, and if they are overcome, it may gain momentum towards the $2,721 and $3,000 levels. ETH's direction will depend on the price action at these support levels.
Crypto News
- Bitwise files Dogecoin ETF application with NYSE.
- SEC delays converting Bitwise 10 Crypto Index fund into ETF. (BTC, ETH, XRP, SOL, ADA, LTC, LINK, SUI, AVAX and DOT)
- Michael Saylor says Bitcoin's market value will "hit $20 trillion, then $200 trillion".
- SEC agrees to drop lawsuit against cryptocurrency exchange Kraken.
- Synthetix to Partner with Ethena on New Staking Mechanism, Offer Higher Yields, and Launch Token Buybacks
Cryptocurrencies
Top Risers
AIC → Up 10.2% to $0.28107096.
GPS → Up 9.0% to $0.14611701.
DRIFT → Up 4.7% to $0.70388913.
GPRO → Up 4.4% to $42.86.
PAXG → Up 1.7% to $2,918.62.
Top Fallers
FARTCOIN → Down 33.6% to $0.23140834.
AI16Z → Down 32.3% to $0.29402381.
WEMIX → fell 27.3% to $0.43424559.
KAITO → fell 25.8% to $1.52.
IP → fell 24.9% to $5.10.
Global Markets
The markets experienced a sharp decline after US President Donald Trump announced that he would impose 25% tariffs on Canada and Mexico and 20% tariffs on China. Stock indices experienced a sell-off due to growth concerns. The S&P 500 lost 1.76%, the Dow Jones lost 1.48%, and the Nasdaq lost 2.64%.
The ISM Manufacturing Index in the US fell to 47.8, signaling a contraction. The new orders index fell to 48.6 after three months of growth, and the production index fell to 50.7. The price index rose to 62.4. The employment index also entered the contraction zone, reaching 47.6. The Atlanta Fed predicted that the US economy would shrink by 2.8% in the first quarter.
Only 4 of the 11 sectors in the S&P 500 index finished the day positive. Technology lost 3.52%, energy 3.51%, consumption 2.31%, and the raw materials sector 2.09%. Real estate, basic consumption, healthcare and infrastructure sectors showed slight increases.
In the oil market, OPEC+ members announced that they will increase production starting in April. An additional 2.2 million barrels of production per day are planned in the next 18 months. With this announcement, oil prices fell by more than 2%.
While Asian markets are on a mixed course, European stock exchanges are expected to start the day with a loss of value.
Most Valuable Companies and Stock Prices
Apple (AAPL) → Market value $3.58T, price per share $238.03, -1.58% daily decrease.
Microsoft (MSFT) → Market value $2.89T, price per share $388.49, -2.14% decrease per day.
NVIDIA (NVDA) → Market value $2.78T, price per share $114.06, -8.69% decrease per day.
Amazon (AMZN) → Market value $2.17T, price per share $205.02, -3.42% decrease per day.
Alphabet (GOOG) → Market value $2.04T, price per share $168.66, -2.07% decrease per day.
Borsa Istanbul
In February, consumer inflation (CPI) was 2.27% monthly, below market expectations (around 3.0%), while annual inflation fell 3.1 points to 39.05% due to the base effect. Thus, it fell to its lowest level since June 2023. While the total price increase in the first two months was 7.42%, the decline in core inflation indicators continued. While these data opened up space for the TCMB to cut interest rates by 250 basis points in March, April and June, it may need to act more cautiously starting in July.
On the manufacturing industry side, the Istanbul Chamber of Industry (ISO) Turkey Manufacturing Purchasing Managers Index (PMI) increased by 0.3 points in February to 48.3. However, this level shows that the sector is still in contraction. In particular, the slowdown in exports caused a decline in total orders, which will lead to industrial production at the end of 2024It caused the index to display a weaker outlook compared to the previous year.
On the stock market side, following the strong rise in banking stocks following the inflation data that came in lower than expected, the BIST-100 index closed the day with a 2.6% increase. However, it could not maintain the 10,000 point level during the day. The cash dividend announcements of the banks also increased the risk appetite in the markets. The markets are now focused on the CBRT interest rate decision to be announced on March 6, and the general expectation is for a 250 basis point interest rate cut.
Technically, while the BIST-100 index closed at 9,911 yesterday with strong purchases, climbing above the 21 and 50-day moving averages could support the index's movement above the 10,000 level. If closings above the 9,895 level continue, the index can be expected to head towards the 10,121-10,276 band.
Stocks That Gained the Most:
DAGHL → increased by 9.99% to 33.02 TL.
KSTUR → increased by 9.95% to 4,640.00 TL.
PAPIL → increased by 9.94% to 15.93 TL.
VSNMD → increased by 9.93% to 124.00 TL.
EKIZ → increased by 9.91% to 60.45 TL.
Stocks That Gained the Most:
ESEN → decreased by -9.99% to 31.88 TL.
NATEN → decreased by -9.99% to 59.45 TL.
ICUGS → decreased by -9.98% to 15.42 TL.
BALSU → decreased by -9.32% to 17.51 TL.
KLYPV → decreased by -9.09% to 64.00 TL.
Companies with the Highest Market Value on Borsa Istanbul
QNB Finansbank (QNBTR) → 968.15 billion TL market value, 288.00 TL per share price, -0.35% decrease.
Türkiye Garanti Bankası (GARAN) → 577.5 billion TL market value, 137.0 TL per share price, -0.36% decrease.
Aselsan Elektronik Sanayi (ASELS) → 447.11 billion TL market value, 100.60 TL per share price, +2.60% increase.
Turkish Airlines (THYAO) → 434.01 billion TL market value, 316.25 TL per share price, +0.56% increase.
Koç Holding (KCHOL) → 387.99 billion TL market value, 152.8 TL per share, -0.13% decrease.
Precious Metals and Currency Prices
Gold: 3383 TL
Silver: 37.36 TL
Platinum: 1127 TL
Dollar: 36.43 TL
Euro: 38.21 TL
Hoping to meet again tomorrow with the latest news!
Author: Besim Şen
