You can find our article “Daily Market with JrKripto” below, where we have compiled the most important developments in global and local markets. Let's analyze the general market conditions together and take a look at the latest assessments.
Bitcoin (BTC) is currently trading at $76,434. While the $ 75,930 region stands out as a critical support, if this level is lost, the decline may deepen to the $ 73,804 level. If the downward pressure continues, the levels of $69.615 and $67.496 can be followed as the next support zones. In the upward movements, the first resistance is found at the level of $ 82.819. If this level is exceeded, BTC may rebound towards the levels of $85,419 and $92,214. For a stronger rise, the closes above $92,214 can start a new rally to the level of $109,705.
Ethereum (ETH) is trading at $1,492. The price is tracking quite close to the $1,486 support. If it goes below this level, the decline may last up to the $ 1,370 level. In deeper corrections, the $1,217 level can be followed as support. The first resistance in the upward recoveries is at the level of $ 1.585. If this level is exceeded, the $1,900 and $2,000 levels may become the target. If closures above $2,000 come, a new upward momentum may occur for ETH towards the $2,277 and $2,428 levels.
Crypto News
$ 1,350,000,000 has been liquidated from the cryptocurrency market in the last 24 hours.
The expectation of an interest rate cut this year in Fed fund maturities has increased to 120 basis points.
The S&P 500 futures opened down 4 percent, while the Nasdaq futures fell 5 percent.
Tether plans to release a new stablecoin for the US Sunday this year if Congress passes the legislation.
The SEC has announced that fully-reserve, liquid, dollar-backed crypto stablecoins are not securities.
Cryptocurrencies
Those Who Have Risen The Most:
The BTSE →gained 10.3% to $1.14.
SAROS →rose 1.8% to $0.1559.
KAVA → rose 1.3% to $0.4096.
GRASS → rose 1.0% to $1.72.
FDUSD →increased by 0.6% to $1.00.
The Ones Who Fell The Most:
IBERA → fell 26.1% to $4.28.
BERA → fell 25.8% to $4.27.
MEW → fell by 24.8% to $0.0020.
ZEC → fell 22.9% to $29.17.
SNEK →fell by 22.7% to $0.00023.
Other Data:
Fear Index:
Bitcoin: 27
Ethereum: 19
Dominans:
Bitcoin: 63.51% ▲ 0.33%
Ethereum: 7.74% ▼ 0.36%
Total Net ETF Inflows Per Day
BTC ETFs: -64.90 Million$
ETH ETFs: $2.10 Million
Global Markets
After the announcement of the customs duties, there was a hard sell in global markets and stock indexes lost a total of US$6.1 trillion in market capitalization. On the last trading day of the week, the S&P 500 index fell by 5.97%, the Dow Jones by 5.50%, and the Nasdaq by 5.82%. While all sectors ended the day with losses, the sharpest declines were seen in the energy (8.70%), finance (7.39%) and technology (6.33%) sectors. These hard sales took place in conjunction with increasing recession concerns.
On the other hand, the October non-agricultural employment (TDI) data, which exceeded expectations, put additional pressure on the market. In March, TDI data showed an increase of 228 thousand, well above the expectation of 137 thousand. Most of the increase came from service sectors such as healthcare, social assistance, transportation and warehousing. Despite this strong employment data, the unemployment rate rose from 4.1% to 4.2%. The labor force participation rate increased from 62.4% to 62.5%, while the number of unemployed remained stable at 7.1 million in February. Average hourly earnings increased by 0.3% on a monthly basis, while the annual increase slowed from 4.0% to 3.8%.
Fed Chairman Jerome Powell pointed out the inflationary effects of tariffs and stated that a rate cut would be risky in this environment. These statements postponed the expectations of an interest rate cut.
In the bond market, the demand for safe havens continues. The US 2-year bond rate fell to 3.48% and the 10-year bond rate fell to 3.90%. While China has signaled retaliation against the US customs duties, trade ministers in the European Union are expected to discuss how to respond to this tax package.
With the impact of all these developments, Asian stock markets are priced with sharp declines, while European stock markets are expected to have a negative start to the day.
The Most Valuable Companies and Their Stock Prices
Apple (AAPL) → market capitalization of $2.83T, price per share is $188.38, a decrease of 7.29%.
Microsoft (MSFT) → market capitalization of $2.68T, price per share is $359.84, a decrease of 3.56%.
NVIDIA (NVDA) → market capitalization of $2.30T, price per share is $94.31, a decrease of 7.36%.
Amazon (AMZN) → market capitalization of $1.81T, price per share of $171.00, a decrease of 4.15%.
Alphabet (GOOG) → market capitalization of $1.79T, price per share of $147.74, a decrease of 3.20%.
Borsa Istanbul
Although the hard selling in global markets has been accompanied in a more limited way due to the serious depreciation experienced in Borsa Istanbul in the period after March 19, the weak trend continues. A selling start is also expected for the new week. In this process, it is emphasized that the short-term position risks should be kept low, and despite attractive valuations, there should be no rush for medium- and long-term investments. In the BIST 100 index, the 9,000 - 9,200 levels can be monitored as support, and the 9,500 - 9,600 levels can be monitored as resistance.
Treasury auctions and foreign securities transactions announced by the CBRT will stand out on the agenda of the day, while the trust indices to be announced in Europe will also be on the radar of the markets. Inflation data to be announced in the US later in the week are among the important agenda items Dec. Turkey's 5-year CDS premiums start the day at 348 basis points. In addition to internal risks, global economic weakness due to the United States is also influential in the October rise in CDS.
According to the provisional data released by the Ministry of Commerce domestically, exports increased by 3.2% year-on-year to $ 23.4 billion in March, while imports increased by 2.3% to $ 30.7 billion. Thus, the foreign trade deficit remained stable at $ 7.3 billion, and the 12-month cumulative foreign trade deficit remained horizontal at $84.5 billion.
February March CPI accelerated by 2.6% on a monthly basis compared to the previous month (February: 2.3%), according to the seasonally adjusted data of TURKSTAT. On the other hand, the monthly increases in the core B and C indices slowed down compared to February with 1.9% and 2.2%, respectively. While the price increase in the service group decreased to 3.0%, the prices of goods increased to 2.4%.
In March, the CPI-based real effective exchange rate (REDK) decreased by 1.6 percentage points compared to the previous month and became 73.5. This level marks an increase of 17% compared to the same period last year. While the PPI-based REDK decreased by 3 points to 95.5 per month, it remained 6% higher year-on-year.
The Treasury will conduct direct sales of 2-year fixed coupon bonds with a maturity of 2 years today and 1-year TLREF indexed and 4-year fixed coupon bond auctions with a maturity of 2 years tomorrow. Friday Tuesday will also be the day when the Treasury cash balance, industrial production on Thursday, Market Participants Survey and retail sales volume and turnover indices will be announced.
While the new week in global markets started with concerns arising from the regulations on US customs tariffs, Asian stock markets opened with hard selling. There is also a selling trend in the US futures markets. The BIST-100 index ended the last week with a 3% loss in dollar terms, while losses on the US stock markets reached about 10%. This week's data agenda will be relatively calm domestically. 1 Of the banking sector, which will start to be announced at the end of the month. analyst forecasts for the financials of the quarter will also be closely watched. In general, Borsa Istanbul is expected to make a selling start to the new week in parallel with global markets.
The Companies with the Highest Market Capitalization in Borsa Istanbul
QNB Finansbank (QNBTR) → Market capitalization of TL 1.1 trillion, price per share is TL 324.75, a decrease of 1.29%.
Aselsan Electronics Industry (ASELS) → Market value of TL 535.34 billion, price per share is TL 115.40, a decrease of 1.70%.
Garanti Bank of Turkey (GARAN) → market value of TL 465.36 billion, price per share is TL 106.30, a decrease of 4.06%.
Turkish Airlines (THYAO) → market value of TL 420.56 billion, price per share is TL 300.00, a decrease of 1.56%.
Koç Holding (KCHOL) → Market value of TL 407.27 billion, price per share is TL 154.20, a decrease of 3.99%.
Precious Metals and Foreign Exchange Prices
- Gold: 3704 TL
- Silver: 36.74 TL
- Platinum: 1128 TL
- Dollar: 38.01 TL
- Euro: 41.78 TL
Hope to meet you again tomorrow with the latest news!
