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 in the accumulation zone. We mentioned the importance of the $117,900 level in our previous newsletters. It continues to trade above this level. In a downside scenario, the major support level appears to be $111,800. In an upward movement, the trend resistance level located in the $122,000 region could be targeted.
Ethereum has broken upwards from the short-term parallel channel structure and is currently trading in the downtrend zone that has been in place since 2021. Having surged sharply to the $3,950 region, ETH has entered the trend zone. A breakout of this zone could lead to significant gains for Ethereum. In the event of a pullback, the $3,500 level will serve as support.
Crypto News
- World Libertarian Financial invested $10 million in DWF Labs' Falcon stablecoin.
- Trump on tariffs: The August 1 deadline will not change, the decision is final.
- Coinbase and JPMorgan Chase announced a partnership to make crypto access even easier.
- The Fed left interest rates unchanged.
- Fed Board members Waller and Bowman voted against lowering the interest rate by a quarter point.
- Microsoft's earnings report exceeded expectations.
- META's earnings report exceeded expectations.
- 21Shares filed an updated S-1 for the spot Solana ETF.
Cryptocurrencies
Top Gainers:
- PUMP → Up 28.5% to $0.0031519
- REKT → Up 19.7% to $0.00000113
- ZBCN → Up 16.0% to $0.00581345
- ENA → Up 14.9% to $0.66352026
- BRETT → Up 14.8% to $0.05914993
Top Losers:
- EUL → Down 4.6% to $12.82
- SPX → Down 3.0% to $1.94
- TRX → Down 2.9% to $0.32527579
- TEL → Down 2.5% to $0.00522484
- JST → Down 2.5% to $0.03589195.
Fear Index:
- Bitcoin: 73 (Greed)
- Ethereum: 62 (Greed)
Dominance:
- Bitcoin: 61.41% ▼ 0.30%
- Ethereum: 12.17% ▲ 0.73%
Total Daily Net ETF Inflows
- BTC ETFs: $47.10 Million
- ETH ETFs: $5.80 Million
Global Markets
The Fed held interest rates steady as expected. Chair Powell stated that monetary policy was in good shape and did not signal an imminent rate cut. Following these statements, expectations for a September rate cut dropped from 68% to 35%. Bond yields and the dollar index rose, while stock markets experienced a slight sell-off. The VIX index rose as high as 17.24, but closed the day at 15.48. Two Fed members voted for a 25 basis point cut. The Fed reiterated that it would consider incoming data and economic risks in its decisions. Markets are starting the day cautiously but with a recovery effort.
Most Valuable Companies and Stock Prices
- NVIDIA (NVDA) → $4.37 trillion market capitalization, $179.27 per share, increased 2.14%.
- Microsoft (MSFT) → $3.81 trillion market capitalization, $513.24 per share, increased 0.13%.
- Apple (AAPL) → $3.12 trillion market capitalization, $209.05 per share, decreased 1.05%.
- Amazon.com (AMZN) → $2.44 trillion market capitalization, $230.19 per share, decreased 0.35%.
- Alphabet (GOOG) → $2.38 trillion market capitalization, $197.44 per share, increased 0.51%.
Borsa Istanbul
The domestic unemployment rate rose to 8.6% in June. The labor force participation rate has been flat for the last three months at 53.5%. The economic confidence index fell to 96.3 in July.
The BIST-100 index found support at the 10,500 level yesterday. It followed a bullish trend, supported by banking, telecom, and automotive stocks. The strongest contributions came from Turkcell, Ford Otosan, and Koç Holding.
The Central Bank of the Republic of Turkey (CBRT) Monetary Policy Committee (MPC) meeting summary and Turkish Statistical Institute (TÜİK) foreign trade data will be watched today. Market focus may shift to the July CPI data, which will be released next week. We expect the index to remain flat today.
Companies with the Highest Market Value on Borsa Istanbul
- QNB Finansbank (QNBTR) → Market capitalization of 1.54 trillion TL, price per share of 504.00 TL, increased by 9.92%.
- Aselsan Elektronik Sanayi (ASELS) → Market capitalization of 822.17 billion TL, price per share of 183.2 TL, increased by 1.61%.
- Türkiye Garanti Bankası (GARAN) → Market capitalization of 598.08 billion TL, price per share of 144.1 TL, increased by 1.19%.
- Koç Holding A.Ş. (KCHOL) → Market capitalization of 442.51 billion TL, price per share of 177.3 TL, increased by 1.60%.
- ENKA İnşaat ve Sanayi (ENKAI) → Market capitalization of 403.59 billion TL, price per share of 69.70 TL, increased by 1.23%.
Precious Metals and Currency Prices
- Gold: 4303 TL
- Silver: 48.26 TL
- Platinum: 1718 TL
- Dollar: 40.58 TL
- Euro: 46.44 TL
We look forward to bringing you the latest updates again tomorrow.
