You can find today’s edition of “Daily Market with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze the general market conditions together and take a look at the latest assessments.
Bitcoin (BTC) is currently trading at $97,000. With a strong upward trend that started from the $75,930 support, BTC has surpassed the $95,000–$96,000 resistance zone and continues to gain upward momentum. If this movement continues, the next target could be the $101,000 level. However, in case of profit-taking, the $94,000–$95,000 range can be monitored as the first support zone. If this level is breached, $90,500 and then $86,500 will be the next key support levels to watch.
Ethereum (ETH) is trading at $1,830. The recovery process that began from the $1,486 support has lifted ETH back above the $1,800 level. If the upward move continues, the $1,888 and $1,950 levels could act as resistance. However, if the price pulls back from $1,830, the first support is at $1,790. If it remains below this level, $1,700 could come into play as strong support. For ETH to maintain its upward trend, holding above the $1,790 level is critically important.
Crypto News
- Trump: "I will make an announcement that will shake the world."
- Trump on China: "They want to negotiate."
- Bitwise filed a spot ETF application for NEAR.
- The U.S. and U.K. are expected to sign a new trade deal this week.
- The Governor of New Hampshire signed a bill allowing the state to invest in Bitcoin and cryptocurrencies.
- Standard Chartered Bank forecasts $BNB will reach $2,775 by 2028.
- Chinese President Xi: "We are ready to work with EU leaders to broaden mutual openness and handle frictions and disputes appropriately."
Top Gainers in Crypto
- KAITO → up 49.9% to $1.25
- SYRUP → up 26.9% to $0.2388
- CVX → up 14.4% to $3.14
- STX → up 12.7% to $0.8553
- LTC → up 12.0% to $91.79
Top Losers in Crypto
- MOVE → down 17.9% to $0.1573
- VIRTUAL → down 17.4% to $1.36
- LAYER → down 8.7% to $1.78
- FARTCOIN → down 7.8% to $1.02
- FRAX → down 6.0% to $2.00
Fear Index
- Bitcoin: 62
- Ethereum: 43
Dominance
- Bitcoin: 65.25% ▼ 0.03%
- Ethereum: 7.50% ▲ 0.68%
Daily Net ETF Flows
- BTC ETFs: -$85.70 Million
- ETH ETFs: -$17.90 Million
Data to Watch Today
- 17:30 – U.S. EIA Crude Oil InventoriesForecast: -1.700M | Previous: -2.696M
- 21:00 – FOMC Statement
- 21:00 – Interest Rate DecisionForecast: 4.50% | Previous: 4.50%
- 21:30 – FOMC Press Conference
Global Markets
The day began with escalating tensions between Pakistan and India turning into active conflict. Reports indicate missile strikes, downed aircraft, and casualties. As both countries are nuclear powers, this conflict raises serious global concerns. Although markets are currently unresponsive, further escalation could negatively impact global markets.
This morning, the focus in global markets is on the U.S.–China tariff talks planned in Switzerland. Optimism prevails with hopes that these negotiations might ease trade wars. U.S. and European futures, along with most Asian markets (excluding India), are trading positively. While Asian indices are seeing strong buying, European markets are expected to open flat but positive.
In the U.S., the 9-day rally driven by optimism over tariffs has ended. Trump's newly announced tax policies targeting the film and pharmaceutical industries have dampened investor appetite. Furthermore, the announcement that U.S. Treasury Secretary Scott Bessent will meet China’s Deputy Prime Minister in Switzerland between May 9–12 will be closely watched.
U.S. indices dropped yesterday:
- S&P 500: -0.77%
- Dow Jones: -0.95%
- Nasdaq: -0.87%
Only infrastructure (+1.23%) and energy (+0.10%) sectors posted gains among the 11 sectors of the S&P 500. Healthcare suffered the biggest loss, falling by 2.76%. The industrials and consumer discretionary sectors both declined by 0.85%.
The U.S. also released trade data for March. The trade deficit widened by $17.3 billion to $140.5 billion. Most of this increase came from a $16.5 billion rise in the goods deficit. The services surplus decreased by $800 million. While exports remained unchanged, imports rose by 4.4% in anticipation of expected tariff hikes in April.
Today, all eyes are on the Fed's interest rate decision. No change is expected in the rate. However, investors will closely monitor the pace of balance sheet reduction, long-term rate projections, and the Fed’s forward guidance signaled during the March meeting.
Meanwhile, oil prices have begun to recover, driven by lower-than-expected crude inventory data and a downward revision of production forecasts by the International Energy Agency due to lower prices. This has supported energy sector performance.
In general, markets today are navigating between optimism over U.S.–China talks, cautious pricing ahead of the Fed meeting, and the influence of geopolitical developments.
Most Valuable Companies and Stock Prices
- Microsoft (MSFT): $3.22T market cap, $433.31/share, ▼ 0.66%
- Apple (AAPL): $2.96T market cap, $198.51/share, ▼ 0.19%
- NVIDIA (NVDA): $2.77T market cap, $113.54/share, ▼ 0.25%
- Alphabet (GOOG): $1.99T market cap, $165.20/share, ▼ 0.51%
- Amazon (AMZN): $1.96T market cap, $185.01/share, ▼ 0.72%
Borsa Istanbul
Despite some mild buying yesterday, momentum in Borsa Istanbul remains weak. High interest rates, poor corporate earnings, and ongoing political risks continue to pressure the market. Retail and aviation stocks underperformed on concerns about weakening domestic demand. On the other hand, buying in banking, real estate investment trusts (REITs), mining, and defense stocks provided limited support to the index. Nevertheless, the BIST 100 index closed the day flat at 9,135 points. The intraday high was 9,228 points.
Movements in both directions remain limited. Technically, the 9,044–8,870 range is still a strong support zone, consistent with previous lows. If the index holds in or just above this range, a continued rebound is possible. But a break below it could increase selling pressure and push the index down to 8,618–8,500. On the upside, initial resistance lies at 9,266. If this is breached, the 9,490–9,594 range is a key resistance zone. If this range is surpassed, the index may target 9,740–9,895–9,953 in the short term.
On the macroeconomic side, TÜİK’s seasonally adjusted data shows monthly inflation rose slightly from 2.61% in March to 2.65% in April. Core inflation indicators (B and C indexes) accelerated to 2.84% and 3.02%, respectively, from 1.94% and 2.25% in March. Monthly increases in services hit 3.15%, while goods prices slightly declined (2.41%). Non-energy, non-food goods prices rose from 2.30% to 2.61%, largely due to currency effects.
The CPI-based Real Effective Exchange Rate (REER) dropped 2.1% in April, reaching its lowest point since October 2021. This decline was driven by the Turkish lira’s depreciation—2.8% against the dollar and 7% against the euro. However, on an annual basis, REER remains at 11.6%, still indicating a zone of real appreciation.
The Treasury borrowed a total of 35.3 billion TL yesterday through auctions, including non-competitive bids. In the 2-year fixed coupon bond auction, the average compound interest rate came in at 47.19%.
Central Bank Governor Fatih Karahan stated in his presentation to the Turkish Parliament’s Planning and Budget Committee that current reserves are insufficient compared to short-term external debt and emphasized ongoing efforts to boost reserves.
Also today, international credit rating agency Fitch will hold a webinar titled “Turkey’s Credit Outlook and Banking Sector.”
Most Valuable Companies on Borsa Istanbul
- QNB Finansbank (QNBTR): 891.1B TL market cap, 267.75 TL/share, ▲ 0.66%
- Aselsan (ASELS): 626.54B TL market cap, 145.30 TL/share, ▲ 5.75%
- Garanti Bank (GARAN): 426.72B TL market cap, 101.50 TL/share, ▼ 0.10%
- Turkish Airlines (THYAO): 402.62B TL market cap, 289.50 TL/share, ▼ 0.77%
- ENKA Construction (ENKAI): 375.16B TL market cap, 63.10 TL/share, ▼ 1.41%
Precious Metals and Exchange Rates
- Gold: 4,199 TL
- Silver: 40.73 TL
- Platinum: 1,228 TL
- Dollar: 38.64 TL
- Euro: 43.90 TL
We’ll see you again tomorrow with the latest updates!
