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You can find today’s edition of “Daily Market Recap with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze the overall market conditions together and review the latest updates.Bitcoin (BTC) had previously dropped below the $104,977 support level, falling to as low as $101,150 before rebounding from the $101,059–$100,063 range with strong buying pressure and breaking out of the descending channel to the upside. However, BTC has now pulled back to around $104,950, once again approaching critical support levels. If the downward move continues, the $104,977 and $101,059 supports remain important. A drop below these levels could bring the $96,914 level into focus. On the upside, it will be difficult to speak of a sustained recovery unless the $106,794 and especially $109,588 resistance levels are broken. A stable move above $109,588 could target $111,980 (ATH) and $114,500.Ethereum (ETH) also gave a positive signal earlier by breaking out of its descending channel, but it has now pulled back to around $2,525. This weakening has raised doubts about the recovery. If the downward movement continues, the $2,385 level stands out as strong support. Falling below this level could bring $2,098 and then $2,004 into play. For the upward recovery to gain momentum, ETH needs to break above $2,711 and then $2,838. However, to reestablish a positive outlook, the price must maintain above $2,711.Crypto NewsBlackRock aims to become the world's largest crypto asset manager by 2030.President Trump called the 🇺🇸🇨🇳 China trade deal "GREAT!"Trident announced a funding plan of up to $500 million for the XRP Treasury and appointed Chaince Securities LLC as a strategic advisor.Financial market giant DTCC is exploring a stablecoin.French firm The Blockchain Group raised €9.7 million to buy more Bitcoin.Coinbase to launch futures trading in the U.S.Coinbase is partnering with American Express to launch the 'Coinbase One Card' offering up to 4% Bitcoin cashback.Israeli air force carried out airstrikes on Iran.Top Gainers in CryptocurrenciesVENOM → Up 26.6% to $0.17085618AERO → Up 15.0% to $0.63056735TRIBE → Up 5.5% to $0.45062473AB → Up 5.0% to $0.01219636WBT → Up 3.2% to $33.62Top Losers in CryptocurrenciesSPX → Down 18.4% to $1.39FARTCOIN → Down 17.9% to $1.10MOG → Down 17.0% to $0.97854539POPCAT → Down 16.7% to $0.3029431BRETT → Down 16.5% to $0.04416029Fear IndexBitcoin: 66Ethereum: 58DominanceBitcoin: 64.85% ▲ 0.83%Ethereum: 9.41% ▼ 3.66%Daily Net ETF InflowsBTC ETFs: $86.30 MillionETH ETFs: $112.30 MillionGlobal MarketsThe day began with reports that Israel struck multiple targets in Iran. We had previously warned in yesterday’s bulletin of rising geopolitical tensions in the region, but the scale and speed of this development have exceeded market expectations. Reports indicate that Israel hit military, industrial, and even academic targets in over 10 cities in Iran. The scope of this strike is significant, and attention now turns to Iran’s possible retaliation. Whether Iran will target Israeli cities or U.S. bases in the region remains a closely watched matter.These developments have caused noticeable movements in asset prices. Oil prices have surged nearly 10%, while gains have also been seen in precious metals, agricultural commodities, and other safe-haven assets. Conversely, global equity markets are under selling pressure. Losses in U.S. and European futures and Asian stock markets range between 1–2%.Yesterday, U.S. stock indices closed higher. The S&P 500 gained 0.4% and the Nasdaq 0.2%, while the VIX volatility index rose 0.8 points to 18.0. In Europe, the Eurostoxx-600 index declined by 0.3% due to diminishing trade optimism and heightened geopolitical tensions.Following the Middle East crisis, Brent crude oil tested $78.50 this morning and is currently trading around $74.70, up 7.7%. Gold also hit a one-month high on safe-haven demand, rising 1.1% to $3,422 per ounce. The U.S. Dollar Index (DXY) is up 0.4% at 98.3. Selling pressure continues in futures markets and Asian equities.On the macroeconomic front, the U.S. Producer Price Index (PPI) rose 0.1% in May, falling short of the 0.2% market expectation. Year-over-year, PPI rose to 2.6% from 2.5%. The decline in airline fares and flat energy prices contributed to the lower increase.Better-than-expected CPI and PPI data, along with signs of cooling in the labor market, have increased expectations of a potential Fed rate cut in September. However, at the upcoming June 18 meeting, the Fed is expected to keep interest rates unchanged.Additionally, weekly jobless claims in the U.S. came in at 248,000 for the week ending June 7, exceeding expectations of 242,000. Continuing claims rose to 1.96 million—the highest since November 2021—indicating a slowdown in the labor market.Most Valuable Companies & Stock PricesMicrosoft (MSFT): $3.56 trillion market cap, $478.87 per share, up 1.32%NVIDIA (NVDA): $3.54 trillion market cap, $145.00 per share, up 1.52%Apple (AAPL): $2.98 trillion market cap, $199.20 per share, up 0.21%Amazon (AMZN): $2.26 trillion market cap, $213.24 per share, up 0.02%Alphabet (GOOG): $2.14 trillion market cap, $176.97 per share, down 1.02%Borsa IstanbulIn Turkey, the Industrial Production Index (IPI) for April showed a sharp 3.1% monthly decline. The calendar-adjusted annual change was 3.3%. This steep monthly drop largely reflects a correction and normalization following March's strong growth. Volatility in capital goods production continues to be the primary driver of fluctuations in industrial output.The Construction Cost Index rose 1.7% in April month-over-month, with an annual increase of 22.7%. This marks the 11th consecutive month of year-over-year decline. Seasonally adjusted figures show that the monthly increase accelerated from 1.9% to 2.3%, signaling rising construction costs.Due to heightened geopolitical tensions in the Middle East, the BIST-100 index fell below its 100- and 200-day moving averages, ending the day down 1.7%. The biggest losses were in the banking, holding, and aviation sectors, while defense and steel stocks performed relatively better. The rise in geopolitical risk also pushed up oil and gold prices.Meanwhile, the CBRT has shifted all its funding operations to weekly repo auctions, bringing the average funding cost down to 46%—a 300 basis point drop over the last three trading days.Geopolitical tensions will continue to be the dominant factor in the short term. As such, a bearish trend may persist on the BIST today.Technical Outlook:The BIST-100 index closed at 9,520 yesterday, showing a weak trend throughout the session. The pullback, which began from 9,734—just below the 9,740–9,770 resistance band—continued throughout the day but remained relatively limited. The index staying above the 9,475–9,445 transition band indicates that the bullish expectation is still intact. If this support zone is breached, signs of weakness may strengthen, bringing the 9,255–9,148 support range back into focus. For now, as long as the index remains above this support zone, the possibility of retesting the 9,740–9,770 resistance band remains on the table.Most Valuable Companies on Borsa IstanbulQNB Finansbank (QNBTR): 876.86B TRY market cap, 258.75 TRY per share, down 1.15%Aselsan (ASELS): 659.83B TRY market cap, 144.20 TRY per share, down 0.35%Garanti Bank (GARAN): 499.8B TRY market cap, 114.20 TRY per share, down 4.03%Turkish Airlines (THYAO): 384.68B TRY market cap, 265.00 TRY per share, down 4.93%Koç Holding (KCHOL): 374.3B TRY market cap, 142.20 TRY per share, down 3.66%Precious Metals & Currency PricesGold: 4,334 TRYSilver: 46.19 TRYPlatinum: 1,617 TRYUSD: 39.42 TRYEUR: 45.45 TRYSee you again tomorrow with the latest updates!
Cryptocurrency markets started the last trading day of the week with sharp declines. The markets experienced a serious sell-off due to rising geopolitical tensions in the Middle East and inflation data from the US. Almost all major cryptocurrencies, especially Bitcoin and Ethereum, lost value. The total market value of cryptocurrencies fell by more than 2 percent, from $3.37 trillion to $3.32 trillion. The value of positions liquidated daily exceeded $1.1 billion. Let's take a look at the market details of the day...Major decline in the market: Bitcoin, ETH and other cryptocurrencies in the top 10 declinedDogecoin (DOGE) was one of the assets most affected by the general decline in the market. The popular meme coin lost nearly 7 percent in value in just 24 hours, falling to $0.181. While Bitcoin fell 4 percent to below $103,000, Ethereum fell 9 percent to $2,500. Solana lost more than 6%, while XRP lost nearly 4%. According to JrKripto.com data, a total of $1.04 billion worth of positions were liquidated in the last 24 hours, the vast majority of which were long (bullish) positions. A $317 million long position was liquidated on Bitcoin alone. Liquidations in Ethereum totaled $151 million.Tension between Iran and IsraelTwo main developments stand out behind this decline in crypto markets. The first is Israel's airstrike on a nuclear facility in Iran. With this news coming around 03:30 Turkish time, investors quickly exited risky assets and headed for safe havens. This move pushed the price of gold above $3,410 per ounce, while causing a sharp 13% increase in oil prices. As investors rushed to safe havens, the exit from Bitcoin and altcoins, which are considered "risky assets", increased.US inflation also affected the marketThe second factor affecting the market is the May CPI data announced in the US on Wednesday. Although the data indicating that inflation is slowing was perceived positively in the markets at first glance, many investors used this opportunity to make profits and turned to sell-side transactions. This correction, especially for Bitcoin, which exceeded the $ 110,000 level at the beginning of the week, was a turning point where excessive optimism was broken.The impact of geopolitical tensions and economic data on the markets seems to continue in the coming days. Considering the high volatility of crypto assets, investors are expected to act cautiously and give more importance to risk management. In particular, the Fed's interest rate policy and developments in the Middle East will play a critical role in determining the direction of crypto markets.
The increase in producer prices (PPI) in the US in May fell short of economists' expectations, showing that price pressures remained limited at the beginning of summer. Meanwhile, US President Donald Trump is preparing to announce new tariffs on trading partners as July 9 approaches.According to data released Thursday by the Bureau of Labor Statistics, part of the U.S. Department of Labor, the Producer Price Index (PPI) rose only 0.1 percent month-on-month in May, bringing the annual inflation rate to 2.6 percent. This rate fell short of economists' expectations of a 0.2 percent increase, according to a Bloomberg survey. The core PPI, which excludes energy and food prices, also showed a modest increase of 0.1%. Increases in service and goods prices remained limitedThe data shows that non-food and non-energy goods prices rose by 0.2%, while service prices increased by 0.1%. The increase in the service sector was supported by the recovery in wholesale sales of vehicles and machinery. The recovery in this category, which had declined in April, also led to an increase in retail and wholesale margins.As of May, it is noteworthy that inflationary pressure in the US economy has remained low for four months. The Consumer Price Index (CPI) released the day before also showed a similar picture, indicating that companies are struggling to raise prices.New tariffs from Trump: Diplomatic move before July 9The week the PPI report was released also saw some busy developments in US foreign trade. President Trump imposed new tariffs on various countries in April, but in the latest agreement with China, he kept most of the previous tariffs in place.Speaking to reporters this week, Trump announced that they would be sending new tariff letters to many countries within the next one to two weeks. These letters are expected to contain the details of the new tax regulations planned to take effect on July 9. Trump said, “We're sending the letters soon. What we did to the European Union, we're now going to do to other countries.”Fed's inflation indicator also slows downSome parts of the PPI data directly contribute to the Personal Consumption Expenditures (PCE) index, which is closely monitored by the US Federal Reserve (Fed). These sub-data for May also showed a weak picture. In particular, airline ticket prices and portfolio management fees fell, while healthcare spending remained stable. The full PCE data will be released later this month.Trump's tariff announcements and weak inflation data also affected the markets. As of Thursday morning, S&P 500 futures were down 0.3%, Nasdaq 100 was down 0.2%, and Dow Jones futures were down 179 points, or about 0.4%. All these developments are causing markets and investors to turn their attention to July 9. Although Trump said that the negotiation process may take a little longer, he also stated that they would not need any additional time. “We have made a great deal with China. We are in talks with Japan, South Korea, and many other countries,” he said.The continued weak inflationary pressures in the US and the re-tightening of trade policies are among the key issues that will determine the direction of the markets in the coming period.
You can find today’s edition of “Daily Market Recap with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze the overall market conditions together and review the latest updates.Bitcoin (BTC) rebounded after falling as low as $101,150 below the $104,977 support level, recovering strongly from the $101,059–$100,063 range and breaking out of the descending channel to the upside, shifting its technical outlook into positive territory. However, BTC is currently experiencing a slight pullback, trading around $107,600. The $109,588 resistance is crucial for the upward move to continue. If the price holds above this level, the next targets would be $111,980 (ATH) and $114,500, respectively. On the downside, $106,794 and $104,977 should be watched as support levels. Holding these supports is essential for maintaining the positive scenario.Ethereum (ETH) similarly broke out of its descending channel, rebounding from the $2,385 support and is currently trading around $2,750. For the upward movement to gain momentum, ETH needs to surpass the $2,838 resistance. Once this level is broken, $3,004 may become the next target. In the event of a downward correction, the $2,385 level remains the most important support.Crypto NewsUkraine has officially submitted a bill proposing the establishment of a strategic #Bitcoin reserve.Interactive Strength (TRNR) has launched a $500 million facility to purchase Fetch.ai (FET) tokens, initiating a crypto treasury strategy focused on AI.Trump: “Inflation numbers are great! The Fed should cut rates by a full percentage point.”Circle's stablecoin to be launched within the #WLD project.Bank of America is developing a stablecoin.Lutnick: “Many deals are coming next week.”GameStop plans to offer $1.75 billion in convertible bonds.Top Gainers in CryptocurrenciesZBCN → Up 17.6% to $0.00445597SPX → Up 11.6% to $1.72RVN → Up 8.1% to $0.0222342WBT → Up 4.7% to $32.69KAIA → Up 4.5% to $0.16935909Top Losers in CryptocurrenciesAI16Z → Down 14.9% to $0.19085176GRASS → Down 14.8% to $1.71PENDLE → Down 12.1% to $3.93DOG → Down 11.9% to $0.00414189PLUME → Down 10.9% to $0.10564537Fear IndexBitcoin: 71Ethereum: 60DominanceBitcoin: 64.18% ▲ 0.09%Ethereum: 9.92% ▼ 0.18%Daily Net ETF InflowsBTC ETFs: $164.60 MillionETH ETFs: $240.30 MillionKey Economic Data to Watch Today3:30 PM – Initial Jobless ClaimsForecast: 242K / Previous: 247K3:30 PM – Producer Price Index (PPI) (MoM) (May)Forecast: 0.2% / Previous: -0.5%Global MarketsYesterday in the U.S., May CPI data came in below expectations for both headline and core inflation. Monthly CPI rose by 0.08%, falling short of the 0.2% forecast. Annual inflation edged up by just 4 basis points to 2.35%, also below the expected 2.5%. Price declines in energy, automotive, and clothing contributed to this mild inflation outlook. Core CPI rose 0.13% month-over-month, below the 0.3% forecast, and annual core inflation has remained flat at 2.8% for the past three months.Despite the data, market reaction was limited. U.S. stock markets closed lower yesterday. The S&P 500 dropped 0.3%, the tech-heavy Nasdaq fell 0.5%, while the Dow Jones ended flat.Meanwhile, surging geopolitical tensions in the Middle East led to a sharp increase in oil prices. WTI crude ended the day up 5.5%, positively impacting energy stocks. The S&P 500 Energy Sector Index rose 1.5%, making it the top gainer. Conversely, news that the U.S. and Mexico are discussing tariff reductions on steel exports pressured steel-related stocks. As a result, the S&P 500 Materials Sector Index fell 1.0%, becoming the biggest loser.After the close, Oracle (ORCL) reported strong financial results, but this did not significantly shift overall market sentiment. U.S. markets are expected to open slightly lower today. European markets started the day with selling pressure. Investors are closely watching the U.S. PPI data due later today. Having fallen into negative territory in April, the PPI is expected to turn positive in May and show annual growth. This data could have a stronger market impact than CPI.Most Valuable Companies & Stock PricesMicrosoft (MSFT): $3.51 trillion market cap, $472.62 per share, up 0.36%NVIDIA (NVDA): $3.49 trillion market cap, $142.83 per share, down 0.78%Apple (AAPL): $2.97 trillion market cap, $198.78 per share, down 1.92%Amazon (AMZN): $2.26 trillion market cap, $213.20 per share, down 2.03%Alphabet (GOOG): $2.16 trillion market cap, $178.79 per share, down 0.68%Borsa IstanbulDomestically, April's Industrial Production Index (IPI) will be released today. In March, the seasonally and calendar-adjusted IPI rose 3.4% monthly but fell 2.7% year-over-year. On a calendar-adjusted basis, annual growth was 2.5%. However, early indicators for April suggest continued weakness in industrial production. Notably, the April PMI for manufacturing stood at 47.3, remaining below the 50 threshold, indicating ongoing contraction.The Construction Cost Index for April is also expected today.The BIST-100 index showed a cautious rise yesterday, closing around its 100-day moving average but failing to break above the 9,700 level. With the second weekly repo auction post-holiday, the CBRT’s weighted average funding rate dropped to 48%, reinforcing expectations for a potential rate cut on June 19. Meanwhile, heightened geopolitical tensions in the Middle East lifted oil prices, contributing to selling pressure in both U.S. markets and VIOP's evening session. A slight pullback may be seen in Borsa Istanbul today as a result.Technical Outlook:The BIST-100 closed at 9,686 yesterday, following a predominantly positive session. The upward trend remains intact, and the index has now closed above both its 100- and 200-day moving averages for two consecutive days, supporting a bullish technical view. Although the lower limit of the 9,740–9,770 resistance band was tested, the close remained below it. This range is still being considered a “transition zone.” If the index closes above this band, a move toward the 10,000 level could begin.Most Valuable Companies on Borsa IstanbulQNB Finansbank (QNBTR): 884.4B TRY market cap, 264.00 TRY per share, unchangedAselsan (ASELS): 644.33B TRY market cap, 144.60 TRY per share, up 2.34%Garanti Bank (GARAN): 508.62B TRY market cap, 119.90 TRY per share, down 0.99%Turkish Airlines (THYAO): 400.89B TRY market cap, 282.00 TRY per share, down 2.93%Koç Holding (KCHOL): 385.46B TRY market cap, 147.60 TRY per share, down 2.89%Precious Metals & Currency PricesGold: 4,205 TRYSilver: 46.03 TRYPlatinum: 1,588 TRYUSD: 39.18 TRYEUR: 44.78 TRYSee you tomorrow with the latest updates!
The US Consumer Price Index (CPI) data for May was below market expectations on both monthly and annual basis. This raised hopes that the US Federal Reserve (Fed) may start cutting interest rates later this year, creating a positive atmosphere in the cryptocurrency market. Bitcoin rose briefly after the release of the data.Surprise decline in headline and core inflationAccording to data released by the Bureau of Statistics of the US Department of Labor, the headline CPI rose by only 0.1% in May. This was below the market expectation of 0.2% and the 0.2% increase in April. On an annual basis, CPI rose by 2.4%. This was below analysts' expectations of 2.5% and slightly above the previous month's rate of 2.3%.Core CPI, the more widely followed component of inflation (excluding food and energy prices), rose by 0.1% in May. This was below both the market expectations of 0.3% and the 0.2% increase in April. Annual core CPI remained unchanged at 2.8%, while the expectation was for 2.9%. These data were interpreted as signs that inflation was coming under control. In particular, the weak course of core inflation has strengthened market expectations for the Fed to take looser steps in monetary policy.Bitcoin approached 110 thousand dollarsAfter the announcement of inflation data, a rapid reaction was observed in cryptocurrencies, which fall into the category of risky assets. Bitcoin climbed 0.6% to $109,800 after the data. Bitcoin, which traded up 0.3% on a daily basis, signaled that it could continue its upward movement in the short term as investors' risk appetite increased.Two interest rate cuts expected from the FedThe weak course of inflation has strengthened markets' expectations that the Fed will start cutting rates later this year. According to the CME FedWatch Tool, investors are pricing in a first rate cut in September and a second rate cut in December, for a total of two rate cuts.These developments may pave the way for positive pricing in the cryptocurrency market as well as traditional assets. Because while the low interest rate environment generally increases the tendency towards alternative and riskier assets, digital assets such as Bitcoin are among the instruments that benefit the most from this process.
There has been a remarkable development in the long-standing trade war between the US and China. Former US President Donald Trump announced the completion of a comprehensive trade agreement between the parties as a result of negotiations with Chinese President Xi Jinping. The announcement on Truth Social follows the previously announced 90-day tariff truce.Trump: Our deal with China is finalizedThe months-long trade war between the US and China seems to have entered a new phase with official statements today. Former US President Donald Trump announced on Truth Social that the trade deal with Chinese President Xi Jinping is “complete”. According to Trump, the deal is subject only to the final approval of the two leaders.Trump's post read as follows: “Our deal with China is complete, subject to final approval by Xi and me. Full magnetics and all necessary rare earth elements will be supplied in advance by China. We get 55% tariffs, China gets 10%. Relations are excellent!” This follows a 90-day “tariff truce” between the two countries announced last month. Since then, the two sides have temporarily suspended tariffs, but the details of the agreement have not been finalized. On Thursday, June 6, following a phone call that lasted about an hour and a half, Trump announced that talks would begin in London on Monday, June 9. Most recently, the US President announced that a final agreement had been reached.Trump also stated that the agreement is not limited to trade products. He emphasized that Chinese students will continue to have access to US universities: “It has always been positive for me that Chinese students use our colleges and universities.”Recently in crypto marketFollowing Trump's statements, financial markets and especially the cryptocurrency market reacted weakly positive. Trump's deal, which is said to have been reached with tariff rates of “55% - 10%”, may ease the perception of global economic risk and provide a shift towards assets such as Bitcoin. For now, no significant change has been observed in the price of the leading cryptocurrency. During the two-day talks in London recently, US Secretary of Commerce Howard Lutnick told the press on his way out that “things are going great”. This led to increased optimism in the market. Now Trump's official announcement has reinforced this optimism.A new page in the trade warThe protracted trade war, which started during the Trump era, has seen many ups and downs so far. The harsh imposition of tariffs had strained global supply chains and increased inflationary pressures. Although the tariffs, which have been reduced to reasonable levels for now, have a negative impact on prices in the short term, they are welcomed by the markets in terms of reducing the risk of recession.According to experts, the deal is critical for the US to regain easy access to rare earth elements from China. These elements have a strategic role in many fields, especially in the technology and energy sectors. In addition, the US was expected to make such transition agreements in line with its goal of gradually moving production to its own territory.
You can find today’s edition of “Daily Market Recap 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 updates.Bitcoin (BTC) dropped as low as $101,150 after falling below the $104,977 support level, but then rebounded strongly from the $101,059–$100,063 range. With this recovery, the short-term descending channel structure was broken to the upside, and BTC is currently trading around $109,200. The technical outlook has turned positive again.In the short term, the $109,588 resistance is critical. If this level is surpassed, the next targets are $111,980 (ATH) and then $114,500. On possible pullbacks, the $106,794 and $104,977 levels are strong supports. Holding these supports is key to sustaining the uptrend.Ethereum (ETH) also broke out of its descending channel to the upside, displaying a positive outlook. Rebounding from the $2,385 support level, ETH is now trading around $2,770.To continue the upward move, ETH needs to break the $2,838 resistance. If this level is breached, the $3,004 level may come into play. On the downside, $2,385 stands out as a strong support.Crypto NewsNasdaq-listed MatalphaPro purchased 18,000 $ETH ($48 million) via Binance 10 hours ago.The SEC has begun reviewing Bitwise’s Bitcoin and Ethereum ETFs.The SEC requested firms applying for Solana ETFs to update their S-1 forms. Solana ETFs could be approved within 3 to 5 weeks.GameStop announced that it has purchased 4,710 Bitcoins.The U.S. and Mexico are nearing a deal to lift Trump-era 50% tariffs on steel imports up to a certain volume.The World Bank voiced agreement with President Trump, stating that countries are using unfair trade practices and called for lowering tariffs imposed on the U.S.Nasdaq has proposed a Spot SUI ETF to the SEC.Ukraine has officially submitted a bill to establish a strategic #Bitcoin reserve.Top Gainers in CryptocurrenciesKAIA → Up 19.2% to $0.16271082JTO → Up 17.9% to $2.25GIGA → Up 15.3% to $0.02752151SYRUP → Up 15.0% to $0.49653499LAUNCHCOI → Up 14.1% to $0.22357478Top Losers in CryptocurrenciesAXL → Down 13.4% to $0.49167878DEXE → Down 9.9% to $9.33ZBCN → Down 9.7% to $0.00378731KAVA → Down 6.3% to $0.43993857AI16Z → Down 6.3% to $0.22387602Fear IndexBitcoin: 70Ethereum: 58DominanceBitcoin: 64.14% ▲ 0.11%Ethereum: 9.88% ▼ 0.62%Daily Net ETF InflowsBTC ETFs: $431.20 MillionETH ETFs: $125.00 MillionKey Economic Data to Watch Today3:30 PM – Core Consumer Price Index (MoM) (May)Expected: 0.3% / Previous: 0.2%3:30 PM – Consumer Price Index (MoM) (May)Expected: 0.2% / Previous: 0.2%3:30 PM – Consumer Price Index (YoY) (May)Expected: 2.5% / Previous: 2.3%5:30 PM – EIA Crude Oil InventoriesExpected: -2.400M / Previous: -4.304MGlobal MarketsPositive developments in U.S.-China trade talks boosted risk appetite in global markets. Following this news, major U.S. indices rose between 0.3% and 0.6% yesterday. The S&P 500 closed up 0.3% at 6,038, inching closer to the all-time high of 6,147. Sector-wise, the S&P 500 Energy Index led gains with a 1.8% increase, while the Industrials Index was the only loser, down 0.4%.European markets opened flat today, and U.S. indices are expected to open slightly lower. On the macroeconomic front, the key highlight is the U.S. CPI data at 3:30 PM Turkish time. Expectations are for a 0.3% rise in core CPI and a 0.2% increase in headline CPI. These results will be crucial for the Fed's interest rate policy. Oracle (ORCL) earnings are also in focus.Technically, for the S&P 500, the first resistance level is 6,159, with 5,982 acting as support in case of a pullback.The World Bank released its June 2025 Global Economic Outlook Report, warning that rising protectionism and trade tensions are hindering global recovery. It downgraded its global growth forecast for 2025 from 2.7% to 2.3%, marking the lowest rate since the 2008 financial crisis. It also noted that the 2020s could be the weakest decade since the 1960s, with an average growth of 2.5%.On a country basis, the U.S. 2025 growth forecast was cut by 0.9 points to 1.4%. The Eurozone's was revised down by 0.3 points, and Mexico’s by 1.3 points. Turkey’s forecast was raised by 0.5 points to 3.1%, driven by stronger-than-expected Q4 2024 data and falling oil prices.In summary, the main focus today is U.S. inflation data. A lower-than-expected print could strengthen expectations for earlier Fed rate cuts, potentially supporting positive market sentiment.Most Valuable Companies & Stock PricesNVIDIA (NVDA): $3.51 trillion market cap, $143.96 per share, up 0.93%Microsoft (MSFT): $3.5 trillion market cap, $470.92 per share, down 0.39%Apple (AAPL): $3.03 trillion market cap, $202.67 per share, up 0.61%Amazon (AMZN): $2.31 trillion market cap, $217.61 per share, up 0.29%Alphabet (GOOG): $2.18 trillion market cap, $180.01 per share, up 1.34%Borsa IstanbulDomestically, the Treasury reported a cash surplus of 247.1 billion TRY in May. The cumulative budget deficit for the first five months of the year narrowed to 838.1 billion TRY. The primary balance posted a surplus of 348.6 billion TRY in May, bringing the year-to-date deficit down to 63 billion TRY—indicating strong fiscal performance.In yesterday’s auctions, the Treasury borrowed a total of 97.9 billion TRY including non-competitive bids (ROT). The 9-month T-bill auction yielded an average annual compound interest rate of 46.81%, while the 4-year fixed coupon bond saw a yield of 37.88%.Markets continue to price in a potential rate cut at the June 19 CBRT meeting. The central bank’s recent resumption of high-volume weekly repo auctions lowered the average funding cost by over 40 basis points to 48.6%, reinforcing rate cut expectations.Bond yields dropped in line with this trend. The 2-year bond yield fell to 42.7%, the lowest since March 20, while the 10-year yield dropped roughly 40 basis points to 33%. Turkey’s CDS also improved, falling to 294 basis points.Banking stocks were the biggest beneficiaries of falling rates, with the banking index rising 5.0% yesterday, making the strongest contribution to the BIST 100’s 1.8% gain. Trading volume also increased. Despite this, bank stocks still trail the main index by about 4% YTD. With the rate cut expectation in place, banking stocks are likely to maintain their strength.Today, the BIST 100 is expected to close above the 100- and 200-day moving averages in the 9,600–9,700 band. Technically, the index maintained its upward momentum after a strong open, closing at 9,659. This confirms a breakout above not only the 50-day average but also the 100- and 200-day moving averages. With the break above the 9,475 resistance, a new upward trend has begun, targeting the 9,740–9,770 range. A sustained close above this range could set the stage for a move toward the 10,000 level.Most Valuable Companies on Borsa IstanbulQNB Finansbank (QNBTR): 899.48B TRY market cap, 268.50 TRY per share, no changeAselsan (ASELS): 634.75B TRY market cap, 139.40 TRY per share, up 0.14%Garanti Bank (GARAN): 513.66B TRY market cap, 121.80 TRY per share, down 0.41%Turkish Airlines (THYAO): 401.58B TRY market cap, 290.00 TRY per share, down 0.34%Koç Holding (KCHOL): 381.91B TRY market cap, 152.30 TRY per share, up 1.13%Precious Metals & Currency PricesGold: 4,205 TRYSilver: 46.03 TRYPlatinum: 1,588 TRYUSD: 39.18 TRYEUR: 44.78 TRYSee you tomorrow with more updates and market news!
While the re-accelerated trade talks between the US and China have brought some relief to global markets, the focus of crypto investors has shifted to the Consumer Price Index (CPI) data to be released today. Especially in the Bitcoin and altcoin market, the directional effect of the CPI is once again on the agenda.Bitcoin and altcoin investors are watching the CPIThe inflation data to be released at 15.30 today is of great importance for cryptocurrency investors. CPI data is an important indicator for the US Federal Reserve (Fed) to shape its interest rate policy. If inflation comes in below expectations, it strengthens the expectation that the Fed will not pursue an aggressive interest rate hike policy. This may cause the dollar to depreciate and investors to turn to alternative assets.Looking at historical data, it is seen that there were serious rises in crypto markets when the CPI was low. For example, the lower-than-expected inflation in the data released in December 2023 caused Bitcoin to gain more than 7% in two days. On the other hand, inflation exceeding expectations brings with it the expectation that the Fed will postpone its interest rate cut plans or bring new increases to the agenda. This poses a risky scenario for cryptocurrencies, as rising interest rates can suppress risk appetite and accelerate capital outflows from crypto assets.Therefore, today's CPI data is a critical threshold for the short-term direction of Bitcoin, Ethereum and major altcoins. Increased volatility, especially in crypto exchanges where leveraged transactions are intense, may expose investors to the risk of sudden liquidation.Latest in the marketAlthough US 10-year bond yields have declined in recent days, the dollar index continues to move upwards. This shows that investors are waiting in a cautious position.Bitcoin price is trading at $109,471 at the time of writing. BTC, which fluctuated between $ 108,616 and $ 110,249 during the day, exhibits a neutral position for investors. However, it is worth noting that the leading cryptocurrency rose 4 percent on a weekly basis. Ethereum, on the other hand, rose nearly 4% in the last 24 hours, reaching $2,794.82. The daily trading range was shaped between $ 2,674 and $ 2,821. However, it is noteworthy that ETH gained about 5 percent in the weekly period.While a horizontal and unstable course is generally observed in altcoins, investors are waiting for the inflation data to be announced at 15:30 for direction determination.In the light of all these developments, investors are locked on the CPI data for May, which will be announced at 15.30 today. A data below expectations may lead Bitcoin to climb above $ 70,000 again. Otherwise, lower support levels may be tested again. This data may be the most critical momentum of the week for the direction of the crypto markets.
Crypto regulation is back on the agenda in the US. Brian Quintenz, former CFTC (Commodity Futures Trading Commission) member and head of policy at a16z (Andreessen Horowitz), has been nominated by President Donald Trump for CFTC Chairman. During his confirmation hearing before the Senate Agriculture Committee, Quintenz faced the most questions about cryptocurrencies. Quintenz argued that the CFTC can strike a balance that both encourages innovation and protects consumers.Message to Congress: “The roadmap is in your hands”Quintenz stated that a clearer structure should be established in the crypto market. In this context, he said that Congress's enactment of a new market structure law could support both consumer safety and technology entrepreneurship. “I see market structure laws as opportunities where consumer protection and innovation can go hand in hand,” Quintenz said, emphasizing that clarity of regulations will provide confidence to entrepreneurs.While Senate confirmation is still pending, bills are also being considered in Congress that would potentially make the CFTC the lead regulator for digital assets. Quintenz expressed his readiness to contribute his knowledge and experience to the process, should this increase in duties materialize.Commission is shrinking: Democratic members leavingThe CFTC, which Quintenz would take charge if appointed, is currently facing a serious lack of members. Some of the current members of the commission, which is required by law to consist of five members, have either resigned or are about to do so. Interim Chair Caroline Pham is expected to leave once Quintenz takes office, while the sole Democratic member, Kristen Johnson, has announced that she will leave “later this year.” This brings with it a situation in which Quintenz may be on his own for a while and the legal legitimacy of the decisions to be taken may be questioned.Some Senate Democrats have pointed out that the Trump administration has systematically removed Democratic members from independent agencies. Senator Raphael Warnock described this as “political cleansing” and asked Quintenz whether he would encourage the White House to fill the positions. “I don't tell the president what to do,” Quintenz said, not giving a clear answer on this issue.CFTC “ready” for cryptocurrenciesQuintenz acknowledged that more resources would be needed if the CFTC became the main regulator of digital commodity spot markets. However, he said that this need could be managed through a more efficient staffing structure with a “technology-driven” approach. In addition, Quintenz, who sits on the board of the prediction market platform Kalshi, was also asked about event-based derivatives contracts. In defense of these contracts, Quintenz said that these instruments contribute to risk management and price discovery functions. Time will tell what will happen with the CFTC in the coming period.
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 overall market conditions together and review the latest assessments.Bitcoin had previously fallen to $101,150 after losing the $104,977 support during its decline from the rising trend. However, strong buying from the $101,059–$100,063 range allowed a rebound, and BTC broke upward from the short-term descending channel. Currently trading around $109,200, this breakout has shifted its technical outlook back into positive territory.In the days ahead, the $109,588 resistance is critical. If this level is surpassed, targets may extend first to the all-time high of $111,980 and then to $114,500. On the downside, $106,794 and $104,977 have now become strong support levels. Maintaining these supports is important for keeping the BTC outlook positive.Ethereum similarly broke upward out of its descending channel. Having declined from $2,838 down to the $2,385 support, ETH bounced strongly and is now trading around $2,670.For the bullish momentum to continue, ETH needs to break above the $2,711 resistance. If it stays above this level, the next targets could be $2,838 and $3,004. On the downside, the $2,385 support continues to be watched closely—breaking below it could deepen the decline.Crypto NewsHassett: The U.S. will lift export controls if talks progress positively.Strategy announced it purchased 1,045 BTC.South Korea’s new president is preparing to propose legislation this week to allow major banks to adopt Bitcoin and other cryptocurrencies.Trump approved U.S. Treasury Secretary Bessent increasing technology export controls and is encouraging negotiators to consider lifting export controls in China talks.CBOE submitted a proposal to allow staking in the Invesco Galaxy Ethereum ETF.Canary Marinade registered a Solana ETF in Delaware.U.S. Commerce Secretary Lutnick: U.S.–China talks were productive.Trump: “I didn’t think about calling Musk. I wouldn’t have a problem talking to him. I think Musk will want to talk to me.”Top Crypto MoversGainers:AXL → +86.4% to $0.60299MOG → +28.7% to $0.00000109AIOZ → +23.2% to $0.40169NEIRO → +19.7% to $0.0004936FARTCOIN → +17.3% to $1.25Losers:KTA → –25.0% to $1.26ZBCN → –9.5% to $0.00412637KET → –5.1% to $0.50306524LEO → –3.6% to $8.82BDX → –2.5% to $0.06147175Fear IndexBitcoin: 66Ethereum: 53DominanceBitcoin: 64.49% ▼ 0.23%Ethereum: 9.62% ▲ 0.81%Daily Net ETF FlowsBTC ETFs: +$386.20 millionETH ETFs: +$52.70 millionGlobal MarketsOn the first trading day of the week, U.S. markets closed with limited gains: S&P 500 +0.1%, Nasdaq +0.3%, Dow Jones flat. Tesla (+4.5%) lifted the S&P Consumer Discretionary Index, making it the best-standing sector. Insurer stock sell-offs dragged the Financials Index –0.5%, the worst-performing sector. U.S. and EU futures remained flat.Investors are focused on President Trump’s speech scheduled for 23:00 TRT and GameStop’s Q2 earnings after market close.S&P 500 technical levels: support at 5,962; resistance at 6,134. If it breaks down, next support is 5,872; if up, next resistance 6,164.Markets also watch London U.S.–China trade talks. Futures show modest gains; VIX ended +0.4 to 17.2.China posted weak export data: May exports rose only 4.8% YoY to $316.1 billion (vs. 6.0% expected). Exports to the U.S. fell 35%, the steepest drop in five years. Exports to other markets rose 11%; imports declined 3.4%. The U.S. trade surplus with China shrank 41.6% to $18 billion.The second round of U.S.–China trade talks resumed in London yesterday and is closely monitored.Top Cap Companies & Stock PricesMicrosoft (MSFT): $3.51T market cap, $472.75/share, +0.50%NVIDIA (NVDA): $3.48T market cap, $142.63/share, +0.64%Apple (AAPL): $3.01T market cap, $201.45/share, –1.21%Amazon (AMZN): $2.30T market cap, $216.98/share, +1.60%Alphabet (GOOG): $2.15T market cap, $177.63/share, +1.55%Borsa İstanbulIn Istanbul, inflation came in below market expectations in May, strengthening the chance of a rate cut at the June 19 MPC meeting, boosting investor appetite and foreign inflows. Yet macro and external risks may limit the BIST 100’s ability to break the 9,800–10,000 resistance band.Today, Turkey will release May Treasury cash balances and hold auctions for 9-month bills, 4-year fixed-rate, and 7-year floating rate bonds.The BIST, closed for the past 2½ trading days, now sees recent gains abroad. This week’s key events for both global and local markets are the London U.S.–China negotiations, followed by the Fed’s June 18 rate decision and central bank meeting on June 19, both potentially increasing volatility. A positive BIST open and follow-through momentum are expected today.BIST 100 technical outlook: The index bounced from a dip to 9,422 and closed at 9,487, supported by strong support around 9,148–8,965. As long as it holds above this, the 9,475–9,500 zone remains a near-term target. Closing above 9,500 could trigger a new optimism wave, pushing toward 9,740–9,770.Top Borsa İstanbul Companies by Market CapQNB Finansbank (QNBTR): ₺873.51 billion market cap, ₺261.00/share, +0.10%Aselsan (ASELS): ₺636.12 billion market cap, ₺138.00/share, –1.08%Garanti Bank (GARAN): ₺487.62 billion market cap, ₺119.60/share, +3.01%Turkish Airlines (THYAO): ₺395.37 billion market cap, ₺291.50/share, +1.75%Koç Holding (KCHOL): ₺376.58 billion market cap, ₺150.90/share, +1.62%Precious Metals & FX RatesGold: ₺4,177Silver: ₺46.07Platinum: ₺1,532USD: ₺39.29EUR: ₺44.82See you tomorrow with today’s updates!
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 evaluations.Bitcoin (BTC) dropped as low as $101,150 after breaking down from the ascending channel on the 4-hour chart and losing the $104,977 support. This decline, supported by high-volume selling, was also influenced by the political tension between Trump and Musk. However, with a strong reaction from the $101,059–$100,063 zone, the price is now around $103,200.Holding this support zone increases the likelihood of a recovery. In upward moves, the $102,137 and especially the $104,977 resistance levels are important. Without a break above $104,977, it’s difficult to talk about a sustained rise. Otherwise, $96,914 and $96,115 levels could come back into play.Ethereum (ETH) declined from the $2,838 level down to the $2,385 support. With a bounce from this zone, it is now trading around $2,460. The $2,385 level continues to be monitored as strong support. If this level is breached, the $2,098 and $2,004 support levels may come into focus.For upward recovery to gain strength, the $2,711 resistance must be broken first. If this level is broken, $2,838 may be targeted again. Holding above $2,385 is critical for the continuation of the positive scenario.Crypto NewsTether minted $1 billion in USDTNasdaq filed a SEC Form 8-K proposing to expand its crypto benchmark index from 5 to 9 assets, adding $XRP, $SOL, $ADA, and $XLMPresident Trump said his relationship with Elon Musk is over$1.5 trillion Deutsche Bank is considering launching its own crypto stablecoinPresident Trump: “We’ve made a lot of progress on the 🇺🇸🇨🇳 China deal”Eric Trump announced a partnership between World Liberty Financial and the $TRUMP meme coinCrypto company Gemini submitted a confidential IPO application in the U.S.Top Gainers in CryptocurrenciesRVN → Up 16.5% to $0.01812467KAIA → Up 15.6% to $0.12306084ICP → Up 10.3% to $5.85FARTCOIN → Up 8.3% to $1.08KTA → Up 8.2% to $1.62Top LosersEVOLVE → Down 91.1% to $0.0000292DEXE → Down 16.7% to $8.85EOS → Down 11.2% to $0.56714183LPT → Down 8.7% to $7.55ZBCN → Down 7.0% to $0.00446442Fear IndexBitcoin: 60 (Greed)Ethereum: 50 (Neutral)DominanceBitcoin: 64.63% ▲ 0.09%Ethereum: 9.27% ▼ 0.45%Daily Net ETF FlowsBTC ETFs: -$47.80 millionETH ETFs: $25.30 millionGlobal MarketsGlobal markets are starting the week with cautious optimism, focusing on the high-level U.S.–China trade talks beginning in London. While Asian stock markets are rising, U.S. and European futures are showing slight declines. A mixed trend prevails in U.S. markets: strong employment data (139,000 new jobs) supported a recovery in tech stocks, but Tesla and other sensitive stocks remain volatile.On the macro front, signs of a slowdown in the U.S. economy continue: ADP private sector employment rose by only 37,000 in May, and the ISM services PMI fell to 49.9, indicating contraction. Eurozone services PMI data fell to 49.7 in May, and the ECB conducted its eighth interest rate cut of the year.Asian markets, meanwhile, are showing positive sentiment. The MSCI Asia-Pacific Index rose by 0.7%, Nikkei by 0.9%, and Hang Seng by 0.8–1.4%. Gold rose by 0.4% due to safe-haven demand, reaching around $3,323.7/oz, while platinum is also recovering. Oil prices slightly declined due to weak data from China (WTI ~$64.43, Brent ~$66.29), but are supported by hopes surrounding U.S.–China talks.The OECD has revised its global growth forecasts for 2025–2026 downward from 3.3% to 2.9%. U.S. growth is expected to fall to 1.6%, and China’s to 4.3% from 4.7%. This week, markets are focused on U.S. CPI and non-farm payroll data, post-ECB European bond yields, and tangible signals from the trade talks in London.Overall, while risk appetite is supported by strong jobs data and the U.S.–China talks, weak economic indicators and geopolitical uncertainty suggest that cautious pricing will continue.Most Valuable Companies and Stock PricesMicrosoft (MSFT) → $3.5 trillion market cap, $470.38 per share, +0.58%NVIDIA (NVDA) → $3.46 trillion market cap, $141.72 per share, +1.24%Apple (AAPL) → $3.05 trillion market cap, $203.92 per share, +1.64%Amazon (AMZN) → $2.27 trillion market cap, $213.57 per share, +2.72%Alphabet (GOOG) → $2.11 trillion market cap, $174.92 per share, +3.01%Precious Metals and Exchange RatesGold: 4,189 TLSilver: 45.82 TLPlatinum: 1,526 TLDollar: 39.22 TLEuro: 44.90 TLSee you again tomorrow with the latest updates!
Trade tensions between the US and China are back on the agenda with high-level talks to be held in London on Monday, June 9. The meeting, where topics such as export controls on rare earth elements and high-tech products will come to the fore, could be a critical turning point for both global trade balances and cryptocurrency markets.As we reported last week, following the phone call between US President Donald Trump and Chinese President Xi Jinping, the parties will sit down face-to-face for the first time. The talks will be chaired by US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, while the Chinese delegation will be led by Vice Premier He Lifeng.From tariff wars to diplomacyAs it will be remembered, the tariff wars between the two countries started in February and reached tariff rates of up to 145% with mutual retaliations. This situation created serious uncertainty not only in trade but also in global markets. With the temporary compromise reached in Geneva in May, the US tariffs were reduced to 30% and China's to 10%. However, both sides continue to accuse each other of backtracking from this agreement. Trump expressed confidence that the talks in London would “go very well” on his social media account Truth Social, while China said it had received a “warm welcome” from Trump for Chinese students in the country.The start of a “volatile” week for cryptocurrencies?The impact of trade talks on cryptocurrency markets is also being closely monitored. Especially in similar periods of global uncertainty in the past, investors have turned to Bitcoin and other digital assets in search of a safe haven. If the talks in London are successful, this could lead to expectations of stabilization in the crypto markets. On the other hand, if the talks fail or tariffs are raised again, it could cause sharp fluctuations in crypto assets.Deflation problem in ChinaThe Chinese side continues to use export restrictions on rare earths as leverage. Although some export applications have been approved, it is not clear which countries and sectors have benefited from these approvals. Although China's rare earth exports rose 23% to 5,864 tons in May, the highest level in a year, the effects of the restrictions imposed in April have led to production shutdowns in the automotive and semiconductor sectors in Europe.In addition to this, the Chinese economy is struggling with domestic problems such as deflation and rising unemployment. In May, the consumer price index fell by 0.1% yoy, while the producer price index fell by 3.3%. According to Robin Brooks of the Brookings Institution, the US tariffs have the potential to push China into full-blown deflation.In response, China's central bank cut policy rates to historically low levels in May and cut reserve requirement ratios. New stimulus packages may come in the coming months.As a result, all eyes are on the US-China talks that will start in London.
The highly anticipated Nonfarm Payrolls (NFP) data was released in the US. While there was an increase of 139,000 jobs across the country in May, this figure was both slightly below the revised data of the previous month (147,000) and above the market expectation of 130,000. Following the development, a slight movement was seen in the leading cryptocurrency Bitcoin (BTC).Critical non-farm employment data announced in the USLooking at the details of the data, unemployment rate remained stable at 4.2% while labor force participation rate declined from 62.6% to 62.4%. It was noteworthy that average hourly earnings increased by 3.9% yoy, which was above market forecasts (3.7%).However, downward revisions for the previous months limited the markets' post-data euphoria. March and April employment data were revised down by 65,000 and 30,000, respectively. Thus, employment growth in the last two months was reduced by 95,000 in total. This shows that the slowdown in the labor market may be deeper than we thought.After the data, the US Dollar Index rose by 0.3% to 99. The US Dollar was the strongest performer of the day, especially against the Japanese Yen by 0.59%. In contrast, there was a more limited appreciation against the Euro and the British Pound.Bitcoin and altcoins also movedThe cryptocurrency market did not remain insensitive to these developments. In the first hours of June 6, BTC, which remained at the $ 100,000 support level due to reasons such as the Trump and Musk spat, changed hands at $ 103,900 during the day. In some exchanges, the leading cryptocurrency Bitcoin (BTC) even rose to $104,200 after the data. However, with the profit realizations following this upward movement, BTC retreated towards the $ 102,000 band again. The uncertainty about the Fed's interest rate cut was effective in limiting the short-term rise. Indeed, US President Donald Trump's recent call for Fed Chairman Jerome Powell to cut interest rates came back to the agenda after the employment data. However, names such as Minneapolis Fed President Neel Kashkari and Atlanta Fed President Raphael Bostic state that the current data is not sufficient for a policy change.Markets are currently pricing in a 30% chance of a 25 basis point rate cut in July. However, inflation and growth data to be released in the coming weeks could seriously affect this rate. Eyes are now on both the Fed's messages at its June meeting and the crypto market's search for a new direction.
The highly publicized confrontation between US President Donald Trump and Tesla and SpaceX CEO Elon Musk has caused serious volatility not only in Washington but also in the crypto markets. In particular, Musk's outburst against Trump's controversial spending bill, dubbed the “Beautiful Bill”, led to a sharp sell-off in Bitcoin and altcoins. Spot ETF outflows, billion-dollar-plus liquidations and shaken investor confidence left markets with one of the harshest days of June 2025.A wave of selloff in the crypto market: $1 billion in liquidationsMusk-Trump tension has turned the markets upside down. The price of Bitcoin (BTC) fell by over 4% to around $100,000, while leading altcoins such as Ethereum (ETH), Solana (SOL), XRP and Binance Coin (BNB) lost between 4% and 8%. Ethereum, in particular, hit a weekly low of $2,400 after being rejected at $2,700. According to Coinglass data, $260 million worth of long positions were liquidated in ETH futures alone. The total value of cryptocurrencies dropped from $3.4 trillion to $3.3 trillion. Total daily liquidations exceeded $ 1 billion. On the Bitcoin side alone, $341 million worth of positions were closed. Most of these liquidations were due to long positions. Yesterday's $278 million outflow from spot BTC ETFs also shows that institutional investors are reacting to the uncertainty caused by the Musk-Trump conflict. Heavy accusations from Elon Musk against TrumpThe issue that sparked the tension was the giant spending bill in Congress. Elon Musk slammed the bill, arguing that it “disgraced” the US budget. Twitter founder Jack Dorsey supported Musk by suggesting Bitcoin as an alternative in this process. In his response, Trump announced that he would cancel Musk's government contracts. Musk responded to this threat by announcing that SpaceX would retire the Dragon spacecraft.But the tension did not end there. Musk signaled a new scandal by claiming that Trump was named in the Epstein documents and therefore had not released them until now. These statements shook the balance in Washington and weakened Elon Musk's position on the political front. Musk loses $27 billion, Tesla shares plummetElon Musk's harsh outbursts against Trump have shaken both his political allies and his financial power. As it is known, Musk frequently voiced his support for Trump during Trump's presidential campaign. While Tesla shares fell, Musk lost a fortune of 27 billion dollars this week alone, according to Forbes data. He is still the richest person with a fortune of 388 billion dollars.In the House of Representatives, many Republicans openly criticized Musk while supporting Trump. Texas Republican Troy Nehls lashed out at Elon, saying, “He's acting like he's out of his mind.” Florida Representative Aaron Bean, known as a DOGE supporter, described it as “two friends getting into a fight,” but his efforts to defuse the situation were ineffective.Are we entering a new period of uncertainty for the crypto sector?This conflict between Musk and Trump directly affects both the tech world and the crypto markets. In particular, Musk-influenced assets such as Bitcoin and DOGE are now more fragile due to the political winds. On the other hand, although new liquidity inflows to crypto markets are expected if the spending bill is passed, political tensions seem to overshadow investor confidence in the short term.
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 overall market conditions together and review the latest insights.Bitcoin (BTC), after starting its long-term uptrend at $75,930 and reaching an all-time high (ATH) of $111,980, faced strong profit-taking. The downward break of the ascending channel on the 4-hour chart, followed by the loss of the $104,977 support, pushed the price quickly down to around $101,150. This drop, accompanied by high-volume selling across the last four candles, signals more than a mere technical breakdown—it indicates a decisive wave of selling. Additionally, the political tension between U.S. President Trump and Elon Musk has increased market uncertainty, further supporting the bearish pressure.BTC is currently trading around $103,200, with the $101,059–$100,063 range standing out as a strong support zone. This area previously attracted buying interest and is once again showing signs of buyer re-entry. If this zone fails to hold, the next levels to watch are $96,914 and $96,115. On short-term recoveries, the $102,137 and especially the $104,977 levels should be monitored as resistance. As long as these levels remain unbroken, upward moves are likely to stay limited. However, the price has shown a notable reaction from the current support zone, increasing the probability of a short-term rebound.Ethereum (ETH) tested $3,004 after climbing from $1,486, but has since entered a correction and is now trading at $2,460. Technically, the $2,385 level acted as critical support and sparked a significant bounce, though price action remains close to this zone. If this support fails, $2,098 and $2,004 are the next levels to follow.For bullish momentum to resume, ETH must break above the $2,711 resistance. If this level is cleared, targets include $2,838 and $3,004. Like BTC, ETH has also seen a meaningful bounce from support. Sustaining above $2,385 is essential to maintain the positive outlook.Crypto NewsThe European Central Bank (ECB) implemented a 25bp rate cut.Chinese state media reported a conversation between President Trump and President Xi.BounceBit added support for $USD1, the stablecoin of World Liberty Financial.Circle, issuer of USDC, saw its stock surge 200%, rising from its $31 IPO price to $94.41.Uber is reportedly exploring the use of stablecoins as a payment method.World Liberty Financial sent a cease and desist notice to Fight Fight Fight LLC, the issuer of the Trump memecoin.Truth Social registered Bitcoin and Ethereum ETFs in Nevada.Tesla lost $150 billion in market cap, marking the biggest loss in the company’s history.Top Gainers in CryptoFARTCOIN → Up 15.6% to $1.04COMP → Up 12.9% to $49.36LA → Up 6.1% to $1.54GRASS → Up 4.5% to $1.99KTA → Up 4.4% to $1.08Top Losers in CryptoRVN → Down 34.6% to $0.01458774LDO → Down 11.3% to $0.7718249TRUMP → Down 10.4% to $9.72JUP → Down 9.6% to $0.46357394DOG → Down 9.1% to $0.00425333Fear IndexBitcoin: 51Ethereum: 41DominanceBitcoin: 64.56% ▲ 0.01%Ethereum: 9.35% ▲ 0.24%Daily Net ETF FlowsBTC ETFs: -$278.40 millionETH ETFs: $11.30 millionKey Economic Data to Watch Today15:30 – Average Hourly Earnings (MoM) (May)Forecast: 0.3% / Previous: 0.2%15:30 – Non-Farm Payrolls (May)Forecast: 126K / Previous: 177K15:30 – Unemployment Rate (May)Forecast: 4.2% / Previous: 4.2%Global MarketsAs of the morning of Friday, June 6, 2025, global markets are preparing to end the week with cautious optimism. The resumption of high-level trade talks between the U.S. and China has supported global risk appetite, though weak economic data and political tensions are keeping investors cautious.U.S. stock markets have shown a volatile trend. Tesla shares fell sharply after Donald Trump criticized Elon Musk. Trump's statement that he may cancel government contracts with Musk’s companies increased selling pressure on tech stocks. Following this, the Nasdaq declined, while the S&P 500 and Dow Jones ended the day with slight losses.On the macro front, weak data stood out. The ADP private sector employment report showed an increase of only 37,000 jobs in May—the lowest since March 2023. Meanwhile, the ISM services PMI fell to 49.9, signaling contraction in the services sector. These indicators suggest a deepening slowdown in the U.S. economy.In Europe, the ECB delivered its eighth rate cut of the year. However, the Eurozone services PMI also dropped to 49.7 in May, reinforcing signs of ongoing economic weakness in the region.Asian markets are performing more positively. China’s services PMI exceeded expectations, boosting buying appetite, especially in the Hong Kong and Japanese markets. Regional markets began the final trading day of the week on a strong note.Meanwhile, the OECD revised its global economic growth forecasts downward. Growth expectations for both 2025 and 2026 have been updated to 2.9%. The report cited uncertainty in trade policy, tightening financial conditions, weakening consumer confidence, and rising political risks as serious threats to growth.Today, global market attention will focus on the U.S. non-farm payrolls data. A weaker-than-expected figure could strengthen expectations for an earlier rate cut by the Fed. However, continued geopolitical tensions and weak economic indicators suggest cautious market sentiment will persist.Most Valuable Companies and Stock PricesMicrosoft (MSFT) → $3.48 trillion market cap, $467.68 per share, +0.82%NVIDIA (NVDA) → $3.42 trillion market cap, $139.99 per share, -1.36%Apple (AAPL) → $3 trillion market cap, $200.63 per share, -1.08%Amazon (AMZN) → $2.21 trillion market cap, $207.91 per share, +0.33%Alphabet (GOOG) → $2.05 trillion market cap, $169.81 per share, +0.25%Precious Metals and Exchange RatesGold: 4,245 TLSilver: 45.66 TLPlatinum: 1,475 TLUSD: 39.29 TLEUR: 44.91 TLSee you again tomorrow with more market updates!
