You can find today’s edition of “Daily Market with JrKripto” below, featuring a roundup of the most important developments from both global and local markets. Let’s analyze the broader market sentiment and latest insights together.
Bitcoin is starting the new week within the accumulation zone. As highlighted in our previous newsletters, the $117,900 level remains a key threshold, and BTC continues to hover around this area. On the downside, the primary support lies at $111,800, while a move to the upside could target the trend resistance at $122,000.
Ethereum, meanwhile, has broken out of its short-term parallel channel and is now trading within the broader downtrend zone that has been in place since 2021. After a sharp rally toward the $3,800 region, ETH has entered this trend zone. A breakout here could signal a strong upward move for Ethereum. In case of a pullback, the $3,500 level is expected to act as support.
Crypto News
- The supply of Ethena's stablecoin, $USDE, has surpassed $6 billion, reaching an all-time high.
- Trump signed the stablecoin bill into law.
- Trump on trade agreements: There are major agreements to be announced soon. We have several important trade letters.
- Mastercard said crypto stablecoins "enable faster, lower-cost cross-border payments."
- Coinbase stock reached its highest level since its 2021 IPO.
- US banking giant Charles Schwab announced that it will begin offering trading services for Bitcoin and Ethereum.
- The total market capitalization of crypto assets has surpassed $4 trillion for the first time.
Cryptocurrencies
Top Gainers:
- CFX → Up 93.3% to $0.23443022
- OM → Up 43.6% to $0.3408515
- CKB → Up 37.0% to $0.00613046
- TRAC → Up 32.3% to $0.56129275
- BLUR → Up 28.6% to $0.1174197
Top Losers:
- FRAX → Down 10.7% to $3.60
- TKX → Down 6.7% to $8.50
- USELESS → Down 4.8% to $0.27799262
- XTZ → Down 4.5% to $1.08
- CHEEMS → Down 3.9% to $0.0000014.
Fear Index:
- Bitcoin: 72 (Greed)
- Ethereum: 62 (Greed)
Dominance:
- Bitcoin: 60.94% ▲ 0.13%
- Ethereum: 11.81% ▼ 0.16%
Total Daily Net ETF Inflows
- BTC ETFs: $363.50 Million
- ETH ETFs: $402.50 Million
Global Markets
After reaching record highs last week, global markets closed the week calmly in the wake of the Japanese elections. The VIX index fell to 16.4, closing near July's lows, indicating that risk appetite remains intact.
In the US, the University of Michigan consumer confidence index rose to 61.8 in July. The current conditions index rose to 66.8, and the expectations index rose to 58.6. Inflation expectations fell sharply: the 12-month outlook fell from 5% to 4.4%, and the 5-year outlook fell from 4% to 3.6%.
Housing starts increased by 4.6% month-over-month in June, reaching 1.32 million units. This was a 0.5% decrease compared to the same period last year. Building permits, contrary to expectations, increased by 0.2%. The annualized figure reached 1.40 million units.
Most Valuable Companies and Stock Prices
- NVIDIA (NVDA) → $4.21 trillion market capitalization, $172.41 per share, decreased by 0.34%.
- Microsoft (MSFT) → $3.79 trillion market capitalization, $510.05 per share, decreased by 0.32%.
- Apple (AAPL) → $3.15 trillion market capitalization, $211.18 per share, up 0.55%.
- Amazon (AMZN) → $2.4 trillion market capitalization, $226.13 per share, up 1.01%.
- Alphabet (GOOG) → $2.25 trillion market capitalization, $185.94 per share, up 0.67%.
Borsa Istanbul
Domestically, the Central Bank of the Republic of Turkey (CBRT) will release its July Market Participants Survey today. The Treasury will conduct direct sales of 5-year lease certificates today and 1-year dollar-denominated bonds and lease certificates tomorrow.
This week, markets will focus on Thursday's CBRT interest rate decision. Expectations are for a 250 basis point cut to 43.50%. Fitch and Moody's Turkey reports will be monitored on Friday. The expectation of a rating upgrade from Moody's is prominent.
The BIST 100 finished flat last week. Bank stocks fell 2.8% on a weekly basis, while Aselsan rose 8%. The insurance and REIT indices also showed positive divergence. The index is expected to trend flat on the first day of the week.
Companies with the Highest Market Capitalization on Borsa Istanbul
- QNB Finansbank (QNBTR) → Market capitalization of 1.22 trillion TL, price per share of 363.00 TL, increased by 10.00%.
- Aselsan Elektronik Sanayi (ASELS) → Market capitalization of 757.87 billion TL, price per share of 166.20 TL, increased by 2.66%.
- Türkiye Garanti Bankası (GARAN) → Market capitalization of 583.8 billion TL, price per share of 139.00 TL, decreased by 1.84%.
- Koç Holding A.Ş. (KCHOL) → Market value 421.97 billion TL, price per share 166.40 TL, decreased by 1.13%.
- Turkish Airlines Inc. (THYAO) → Market capitalization: 398.82 billion TL, price per share: 289.00 TL, decreased by 0.09%.
Precious Metals and Currency Prices
- Gold: 4361 TL
- Silver: 49.66 TL
- Platinum: 1872 TL
- Dollar: 40.39 TL
- Euro: 47.00 TL
We look forward to bringing you the latest updates again tomorrow.
