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A New Era in Crypto Transactions in Turkiye: Remote Identity Verification Becomes Permanent
Regulatory measures targeting the crypto asset market in Turkiye continue unabated. With the new communiqué prepared by the Ministry of Treasury and Finance and published in the Official Gazette, the remote identity verification application in continuous business relationships between crypto asset service providers and their customers has now been made permanent.Legal framework expandedThe regulation, published under the title “Regulation Amending the General Regulation of the Financial Crimes Investigation Board,” covers both traditional capital market actors and crypto asset service providers. The heading “remote identity verification in capital market transactions” in the current legislation has been expanded to “remote identity verification in capital market and crypto asset service provider transactions” with the amendment. As a result, remote identity verification in the crypto field is now legally defined in a clear manner. Temporary provision made permanentA provision that was previously applied on a temporary basis has been made permanent by the regulation. According to this provision, crypto asset service providers will conduct remote identity verification within the framework of the methods and security measures specified, as part of the ongoing business relationships they establish with their customers. The name, surname, date of birth, Turkish ID number, and address information obtained during identity verification will be verified through the Identity Sharing System (KPS) of the General Directorate of Population and Citizenship Affairs, affiliated with the Ministry of Interior.This change enables both domestic and foreign crypto investors to access crypto service providers in Turkiye within a regulatory framework. Especially in today's world, where remote customer acquisition processes have become digital, this legal regulation is expected to make transactions faster and more secure for users who want to open accounts with crypto platforms.
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12 Jun 2025
Two Critical Steps from the US Congress: CLARITY and GENIUS Laws Moving Forward
Two important regulatory bills that could be considered historic for the cryptocurrency sector in the US have gained significant momentum in both houses of Congress. In the House of Representatives, the “Digital Asset Market Structure Clarity Act” and in the Senate, the stablecoin bill known as the “GENIUS Act” have passed consecutive votes, bringing them one step closer to becoming law.Overwhelming vote for the CLARITY Act: 47 to 6On June 11, 2025, the CLARITY Act was approved by a strong majority of 47 to 6 in a vote held by the House Agriculture Committee. The bill's official name is H.R. 3633, and it is moving forward with bipartisan support. The bill aims to clarify which category crypto assets fall under in the US regulatory framework. Specifically, it seeks to provide a final resolution to the long-standing debate over whether cryptocurrencies should be classified as “securities” or “commodities.”This distinction is extremely critical, as when a cryptocurrency is defined as a security, regulatory authority falls under the U.S. Securities and Exchange Commission (SEC), while when it is defined as a commodity, it falls under the U.S. Commodity Futures Trading Commission (CFTC).Lawmakers supporting the bill emphasized that the digital asset sector has been lacking a clear regulatory framework for years, while opponents were given until Friday to submit their objections. The CLARITY Act will now undergo further scrutiny in the House Financial Services Committee, its next stop.The bill also includes a proposed amendment to limit the legal liability of software developers behind crypto projects. However, the Committee has not yet held a formal vote on this additional regulation.Majority secured for GENIUS Act in SenateOn the same day, the US Senate also witnessed a significant development in terms of digital asset regulations. The “GENIUS Act” bill was approved in the first vote by 68 to 30. This “cloture” vote limits debate on the bill and paves the way for the final vote. The GENIUS Act is expected to be put to a final vote in the Senate plenary session in the coming days, likely early next week. The GENIUS Act aims to establish a federal oversight framework specifically targeting the stablecoin market. Stablecoins, with a market value exceeding $254 billion, are increasingly taking on a strategic role in both daily payments and investment interest in government bonds.Former Treasury Secretary Scott Bessent described the impact of US-based stablecoins on global payment systems as “an opportunity to strengthen the dollar's global dominance,” while the Federal Reserve also views stablecoins as a new payment tool that could serve as an alternative to the traditional banking system.
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12 Jun 2025
Crypto Move from Ukraine: Central Bank Will Be Able to Hold Bitcoin Reserves
A remarkable bill on cryptocurrencies has been submitted to parliament in Ukraine. Recorded on June 10, the new bill aims to authorize the country's central bank to include Bitcoin and other crypto assets in its national reserves. The bill, drafted by a group of lawmakers led by Yaroslav Zheleznyak, a deputy from the Holos party, is eagerly awaited in the cryptocurrency space.With the new bill, the Central Bank of Ukraine will be able to hold cryptocurrenciesThe draft law proposes amendments to the law “On the National Bank of Ukraine”. It would give the central bank the option to hold virtual, i.e. crypto-assets in its reserves in addition to gold and foreign currencies. However, this is not a mandatory practice. The bill only gives the NBU this authority. When, how and in what form, and how much crypto-assets to hold in reserves is left entirely to the bank's discretion.Zheleznyak said, “With this bill, we authorize the National Bank to include virtual assets in the country's reserves. However, decisions such as timing, method and volume will be entirely at the discretion of the central bank.” Zheleznyak's Telegram post According to Zheleznyak, a well-managed crypto reserve system can strengthen the country's macroeconomic stability and promote the development of the digital economy. “Proper management of crypto reserves strengthens macroeconomic stability and creates new opportunities for the digital economy,” he said in a post on Telegram.In a video call with Kirill Khomyakov, Binance's Regional Director for Central and Eastern Europe, Zheleznyak noted the global interest in the use of crypto assets in reserves. He noted that countries such as the US, El Salvador, Switzerland and Brazil have begun to consider crypto as a strategic reserve asset.The draft law has now been submitted to the Ukrainian parliament, the Verkhovna Rada, and is under consideration. If adopted, Ukraine will be one of the few countries to officially consider cryptoassets as a monetary policy instrument.Full legal ground in 2025In addition to the central bank's potential Bitcoin reserve step, Ukrainian lawmakers are also working on a more comprehensive bill that aims to fully legalize the use of crypto by mid-2025. This second bill, which is expected to be submitted to parliament after the new year, was drafted in cooperation with the Central Bank and the International Monetary Fund (IMF). The new legal regulation envisages the regulation of crypto assets in a security-like structure. Accordingly, earnings from cryptos will be taxed only when converted into fiat currencies; no tax exemption will be granted for daily digital asset transactions.Danylo Hetmantsev, Chairman of the Ukrainian Committee on Finance, Tax and Customs Policy, announced that the core of the draft law has been finalized and is expected to be passed by the parliament in the first quarter of 2025. There is also the possibility that Ukraine could become the first country in Europe to recognize Bitcoin as an official state reserve asset. Zheleznyak confirmed that the bill to create a state-backed strategic Bitcoin reserve is in the final stages and will be presented soon.
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11 Jun 2025
Cryptocurrency Message from Trump's CFTC Pick
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.
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11 Jun 2025
Critical Vote in the US Senate: Big Decision on Stablecoins
A historic step towards regulating the stablecoin market in the US is about to be taken. The Senate is set to vote on the GENIUS Act bill, which would establish the first national regulatory framework for crypto assets across the country. In a fast-moving legislative process on Monday, Senate Deputy Majority Leader John Thune filed a cloture motion for both the bill and a key amendment. According to Senate rules, a limited 30-hour debate period begins after this application, at the end of which the final vote could take place on Wednesday.What is the GENIUS Act?The GENIUS Act is the first comprehensive regulatory framework for stablecoins in the United States. The bill, which has been shaped with bipartisan support for a long time, was reorganized in line with feedback from the finance, technology and banking sectors. In this process, Amendment 2307, submitted by Senator Bill Hagerty, restructured the key points of the bill and helped it gain wider support. Amendment 2307 introduces two different audit models for stablecoin issuers. Accordingly, companies with a market capitalization of less than $10 billion would be subject to a state-based regulatory regime. However, companies that exceed this threshold will be directly subject to a federal-level supervisory framework. Furthermore, stablecoins will be required to hold reserves in a one-to-one ratio of US dollars or short-term liquid assets. To increase transparency, companies are required to submit public reports every month.Restriction on interest-bearing stablecoins and foreign assetsAnother noteworthy aspect of the bill is the ban on interest-bearing stablecoins. This clause, which came to the fore in discussions with the banking sector, aims to prevent stablecoins from competing with traditional bank deposits. This is a regulation that aims to protect the role of banks in the money market.There are also restrictions on foreign-originated stablecoins. Foreign stablecoins without equivalent regulatory frameworks will be prevented from entering the US market. Lawmakers argue that this step is necessary for national security and financial stability.The bill also prohibits the executive branch from launching or introducing a digital dollar-like national stablecoin. Only Congress would have that authority. This clause received bipartisan support in order to provide a check on the power over monetary policy.If the vote reaches 60 votes, the Senate will move to a final vote on both the amendment and the bill. Given the bipartisan support so far, no major opposition is expected. It is highly likely that the bill will pass before the 30-hour debate period is completed.After passing through the Senate, the bill will be transferred to the House of Representatives. There, it needs to be harmonized with the STABLE Act, which is currently under committee review. The two pieces of legislation will then be combined in a conference committee and the final version will be presented to the President for his approval.
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10 Jun 2025
The US Congress Updated the Crypto-Focused CLARITY Act
The US Congress has taken an important step for the long-awaited clarity in cryptocurrency regulations. Members of Congress introduced an updated version of the CLARITY Act, a bill that aims to unify the laws overseeing the crypto market. The new draft is called the “Alternative Amendment”, or officially “Amendment in the Nature of a Substitute” (ANS), and will be debated at the House Financial Services Committee hearing on June 11.Update to cryptocurrency law in the USThe new bill contains positive regulations, especially for developers and decentralized finance (DeFi) projects. Crypto developers and wallet providers will not be considered “money transfer service providers” if they do not have direct control over user funds. This means that DeFi tools and software where users store their private keys will be exempt from existing money services regulations. Furthermore, Bank Secrecy Act (BSA) rules will only apply to centralized intermediaries. This means that decentralized finance (DeFi) projects will be relieved of some regulatory pressure. However, the law also introduces new provisions for banks regarding the use of digital assets. National banks will be able to offer legal services using digital assets and blockchain technology. However, these activities must be conducted in accordance with existing regulations. The same rights will apply to insured state banks and their subsidiaries.The CLARITY Act mainly aims to clarify the classification of crypto-assets, the mandate of regulators and the rules to which market players are subject. The delineation of jurisdictional boundaries between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) is crucial for the future of digital assets such as Bitcoin, Ethereum and stablecoins.The amendments to the bill have been welcomed in the market. In particular, software developers and the DeFi community have welcomed the emphasis on the principle of “decentralization” in the bill. However, some experts note that this concept is difficult to define in the legal framework. Former CFTC Chairman Timothy Massad warned that over-reliance on decentralization could mean building regulation on an uncertain concept that could change over time.Bitcoin reserve bill submitted to CongressIn the shadow of these legislative developments, another notable move came from Republican Representative Tim Burchett. Burchett introduced H.R. 3798, a bill to enact the strategic Bitcoin reserve plan proposed by former President Donald Trump. If passed, the US government would officially begin creating a Bitcoin reserve. Supporters argue that this plan would boost the US economy and increase crypto adoption, while critics point to Bitcoin's volatility.
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9 Jun 2025
Gemini Launches IPO Process
The U.S.-based cryptocurrency exchange Gemini officially launched the IPO process by submitting a confidential S-1 filing to the U.S. Securities and Exchange Commission (SEC) on June 6, 2025. Founded by the Winklevoss twins, this crypto giant drew attention by taking this step right after Circle’s successful IPO, in a period where confidence in the digital asset market has been revitalized.Confidential S-1 Filing: Gemini Quietly Takes ActionGemini’s filing was submitted as a “confidential” S-1 document under U.S. regulations. This means a preliminary registration reviewed by the SEC, where details such as pricing, number of shares, and timing are not made public. Although the exact date of the IPO has not been announced, the process will become official once the SEC review is completed.This type of filing allows companies to manage the process without public pressure. Gemini’s strategic move aims to increase corporate transparency, gain investor confidence, and become more tightly integrated with regulations.Circle’s Success Was an InspirationGemini’s IPO move came right after Circle’s striking debut on the New York Stock Exchange on June 5. Circle, which had an opening price of $31, closed the day at $83.23, nearly tripling in value. This development reflected public market confidence in crypto projects.As the second major crypto company to go public after Coinbase, Circle’s success also mobilized other industry players. Gemini’s step sends a strong signal that the IPO momentum in the sector is gaining strength.Gemini’s Financial Position and Strategic PartnershipsDuring the IPO process, Gemini is working with major investment banks like Goldman Sachs and Citigroup. This shows that the company is not just a crypto exchange, but has also reached institutional-level financial, technological, and legal maturity.The IPO will provide Gemini with multiple advantages such as financial transparency, GAAP-compliant reporting, regulatory integration, and access to a broader investor base.Close Ties with the Trump Administration Draw AttentionGemini’s IPO move comes in a politically favorable environment for crypto. Donald Trump’s pro-crypto stance and his new appointments to institutions like the SEC have made the U.S. regulatory climate more moderate.It is known that the Winklevoss twins donated millions of dollars in Bitcoin to Trump. This suggests that Gemini has established strong ties with the Trump administration, which could strengthen its hand in the regulatory process.Why It MattersGemini’s IPO plan results from a combination of multiple factors: Circle’s success, the softening regulatory environment, and the renewed investor interest in crypto assets. This development:Opens a new entry point for institutional investors.Reinforces the belief that the crypto industry is “here to stay.”Could trigger a domino effect of IPOs among crypto companies.
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8 Jun 2025
Deutsche Bank Opens the Door to Crypto Finance With its Stablecoin Plan
The $1.5 trillion banking giant Deutsche Bank is preparing to add a new move to its strategic initiatives in the digital asset space. Speaking to Bloomberg, Head of Digital Assets and Currency Transformation Sabih Behzad stated that the bank is considering launching its own stablecoin or participating in an industry-wide project.This development is directly linked to the steps the bank has taken in recent years in blockchain, tokenization, and digital asset custody. The bank’s goal is to become an institutional player in the stablecoin market, leveraging the evolving regulatory environment.Stablecoin PlansAccording to the information provided by Behzad, Deutsche Bank is following a multi-faceted strategy in the stablecoin space. The bank is keeping both options on the table: issuing its own digital currency and joining a stablecoin project developed through collaboration with multiple institutions.“With a supportive regulatory environment in the U.S., we clearly see the momentum of stablecoins,” said Behzad, noting that these assets are rapidly transforming into strategic financial tools. For banks, entering this space includes various paths such as becoming a reserve manager, issuing their own currency, or participating in sector collaborations.Deutsche Bank’s interest in this area is not new. The bank previously invested in Partior, a blockchain-based cross-border payments company, and joined the BIS (Bank for International Settlements) Agorá Project, participating in tokenization tests for wholesale payment systems.Existing Infrastructure Is Ready: Taurus Partnership and Custody ServicesDeutsche Bank’s push into digital assets is not limited to stablecoins. In September 2023, the bank partnered with Switzerland-based blockchain technology firm Taurus. Through this partnership, Taurus’s digital asset custody and tokenization services were integrated into Deutsche Bank’s infrastructure.At the time, Deutsche Bank’s Global Head of Securities Services Paul Maley emphasized that digital assets are “expected to reach a scale of trillions of dollars,” and thus banks need to be prepared for this transformation.Stablecoins Are Becoming MainstreamIn a report published in May 2025, Deutsche Bank analysts stated that stablecoins have now become a part of mainstream finance. The report noted that while the market size of stablecoins was $20 billion in 2020, it has now reached $246 billion.The same report mentioned that upcoming U.S. stablecoin regulations will solidify the legitimacy of these assets in 2025. This makes the timing ideal for large institutions like Deutsche Bank to step into the field.Deutsche Bank’s strategic move is not only institutional but also part of building a structure that offers globally scaled, regulation-compliant digital solutions. The fact that Banco Santander has also submitted an application for a stablecoin project during the same period shows that this trend is not unique to Deutsche Bank.
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8 Jun 2025
Trump's Crypto Connections Cause a Crisis in the US Congress
Tensions over cryptocurrency regulations escalated during the June 4 session of the US House of Representatives Financial Services Committee. But as much as the technical details of the hearing, the controversy surrounding former President Donald Trump's name dominated the agenda. While the Digital Asset Market Structure bill, known as the CLARITY Act, was discussed, allegations that Trump's ties to the crypto world could be used for personal gain through this law raised tensions in Congress.Heavy accusation against Trump: “The CLARITY Act is being used for personal gain”One of the bill's fiercest opponents, Democratic Representative Maxine Waters, took aim at Republicans seeking to fast-track the CLARITY bill, noting that it offers various loopholes to securities firms and does not adequately protect consumers. Waters' main criticism, however, was directed at former President Trump. Emphasizing Trump's business ties in the crypto sector, Waters warned that the CLARITY Act could serve his personal interests.If the law is enacted, according to Waters, Trump could be in a position to “transfer Americans' money into his own digital wallet.” This revelation, especially when combined with news that TrumpCoin investors paid $148 million for a dinner held in recent weeks, increased the scale of the scandal.Trump family crypto platform under scrutinyThe controversy is not limited to Trump's personal interests. Democratic lawmakers are also demanding scrutiny of World Liberty Financial, a cryptocurrency platform allegedly backed by the Trump family. The allegations about the platform raised the possibility of a conflict of interest before lawmakers. Former CFTC (Commodity Futures Trading Commission) Chairman Timothy Massad also stated that Trump's crypto initiatives have damaged the industry's reputation and argued that it would be irresponsible to regulate without investigating existing links.Maxine Waters also said that the CLARITY Act poses not only an economic but also a national security risk. Emphasizing that consumer protection is insufficient and that there are not enough sanctions against crypto scams, Waters stated that the law could victimize millions of Americans.The future of CLARITY is uncertainThe GENIUS Act, another important law on crypto regulations, was approved in May 2025. However, the process for the CLARITY Act remains unclear. According to Maxine Waters, the bill could be voted on by the committee in Congress on June 10th at the earliest. However, it remains to be seen how the Trump-centered debate will take shape before the vote and how it will affect the legislative process. The fate of CLARITY could affect not only regulations in the US but also the direction of global crypto markets. Time will tell what will happen in the coming period.
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5 Jun 2025
21Shares' Spot SUI ETF Application Accepted By the SEC
The U.S. Securities and Exchange Commission (SEC) has officially begun reviewing the spot SUI ETF application submitted by 21Shares. This development is being interpreted as a signal that a lesser-known yet ambitious Layer-1 blockchain like SUI is stepping onto the institutional stage—following in the footsteps of Bitcoin and Ethereum.The acceptance of the application does not mean it has been approved. However, the fact that the SEC has initiated the evaluation process already provides significant visibility for SUI. Previously, only major blockchain projects had a place in institutional investment products, but this move shows that SUI is stepping up to a new league.What Does the SUI ETF Represent?The product submitted by 21Shares is designed to track SUI tokens purchased directly from the spot market. In other words, this is not a futures-based ETF; it is an institutional investment product that provides direct exposure to the price of SUI.This detail is crucial, as the Bitcoin and Ethereum ETFs that were approved also operate as spot products—creating lasting impacts on the prices of those assets. Whether the same will happen for SUI remains to be seen in the coming period.Why Now, and Why SUI?SUI is a Layer-1 blockchain developed by Mysten Labs, known for its high transaction speed, parallel execution capability, and its architecture built using the Move programming language. In recent months, SUI has shown significant growth both in on-chain activity and in Total Value Locked (TVL). However, it is still considered a newcomer on the radar of institutional investors.This is where 21Shares’ move gains strategic significance. Leveraging its experience with Bitcoin and Ethereum products, 21Shares is now aiming to gain early exposure to rising stars like SUI by applying the same institutional framework.The SEC’s decision to review this application can be seen not just as a step forward for 21Shares, but also as a broader indication that "alternative Layer-1s" are beginning to find more space in the world of institutional investing.What Happens if the ETF Is Approved?If the SEC approves this application, it would mark a major milestone not only for SUI but for all alternative Layer-1 projects. In a landscape where only heavyweight assets like Bitcoin and Ethereum have received ETF approval so far, making room for a younger project like SUI would open an entirely new chapter.In that case:Institutional funds could directly invest in SUI,Liquidity in the spot market would increase,Price behavior could shift,On-chain activity on the SUI network could accelerate,Other Layer-1 projects might follow suit and submit similar applications.
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4 Jun 2025
JPMorgan Accepts Crypto ETFs as Collateral
Institutional Adoption in Crypto Reaches a New MilestoneThe cryptocurrency market has reached a new threshold in institutional adoption. JPMorgan Chase, the largest bank in the United States, has announced that it will now accept Bitcoin ETFs as collateral for loans. This decision not only reflects the bank's shifting stance on crypto assets but also marks a profound transformation in how the traditional financial world approaches digital assets. JPMorgan will initially launch this process with BlackRock’s iShares Bitcoin Trust (IBIT) ETF.This move signals a strategic pivot for JPMorgan, which was previously known for its cautious stance toward crypto. Now, clients can use certain Bitcoin ETFs they hold as collateral to secure financing through the bank. Moreover, this initiative won’t be limited to the United States alone—JPMorgan plans to implement this policy on a global scale.Starting with BlackRock, More ETFs to FollowThe first product JPMorgan will accept as collateral is BlackRock’s IBIT fund. However, according to sources close to the bank, other Bitcoin ETFs are expected to be added to the list over time. The bank will apply this change not only to large institutional investors but also to high-net-worth individual investors.Previously, JPMorgan only approved crypto ETFs as collateral in exceptional cases. With this decision, the bank is expanding its existing collateral policies. Crypto ETFs are now being placed in the same asset evaluation category as traditional assets like stocks, bonds, fine art, or luxury vehicles.Regulatory Shift and Growing Demand Drive the ChangeThere are two key drivers behind this strategic change: the surge in investor demand and the easing of the regulatory environment. Since the Trump administration took office, the SEC has dropped many of its anti-crypto lawsuits and begun fostering a more cooperative relationship with the industry, which has prompted major financial institutions to take action.JPMorgan’s move also indicates that banks in the U.S. are entering a new phase of crypto integration. Crypto assets are no longer just a tool for portfolio diversification—they are now being recognized as legitimate financial instruments that can enhance borrowing capacity.Crypto Moves to the Financial MainstreamJPMorgan’s acceptance of Bitcoin ETFs as collateral clearly illustrates how far institutional adoption has come. Starting with BlackRock’s fund, this trend is expected to expand in the coming months, with more ETFs and more banks joining in. The line between traditional finance and digital assets is becoming increasingly blurred.These developments are transformational not only for crypto investors but for the entire financial system. A major institution like JPMorgan accepting crypto assets as collateral is a clear signal that the digital economy is being taken seriously.
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4 Jun 2025
Daily Market Summary with JrKripto 4 June 2025
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) extended its long-term uptrend from $75,930 to reach an all-time high (ATH) of $111,980. Following this peak, it pulled back due to profit-taking and is currently trading around $105,000. On the technical side, $104,629 stands out as the first major support level. If this area is breached, $101,059 and then $96,115 should be monitored as the next support zones. For the upward recovery to gain traction, it is critical for BTC to surpass the $109,588 resistance. If this resistance is broken, $111,980 and then $114,500 may be targeted once again. Maintaining price action above $104,629 is important to preserve the positive trend.Ethereum (ETH), after starting a strong rally from $1,486 and reaching a peak of $3,004, has entered a correction phase and is currently trading at $2,620. The price holding above the $2,385 support level is helping to limit selling pressure; however, if this level is breached, $2,098 and $2,004 will become the next support zones. For the upward momentum to continue, ETH must break the $2,711 resistance level. Once this is achieved, the targets will be $2,838 and $3,004. The continuation of the positive outlook for ETH hinges on its ability to remain above $2,385.Crypto NewsFed member Bostic said a rate cut this year may be possible depending on the state of the economy.Treasury Secretary Bessent said it’s up to China to decide whether it wants to be a reliable partner.North America-based civil engineering firm SolarBank adopted a Strategic Bitcoin Reserve.Trump is set to launch a branded crypto wallet and trading app encouraging supporters to buy memecoins and other crypto assets.Magic Eden’s $ME partnered with Trump Wallet.Top GainersCOMP → Up 15.2% to $47.60BORG → Up 15.1% to $0.20837302ZBCN → Up 11.2% to $0.0052459ATH → Up 10.6% to $0.05030066APE → Up 9.3% to $0.74851906Top LosersKAITO → Down 9.7% to $1.71POPCAT → Down 9.1% to $0.37289158IOTX → Down 7.6% to $0.02169712FARTCOIN → Down 7.5% to $1.05PENGU → Down 6.8% to $0.01021654Fear IndexBitcoin: 63Ethereum: 54DominanceBitcoin: 63.99% ▼ 0.27%Ethereum: 9.71% ▲ 1.18%Daily Net ETF FlowsBTC ETFs: $375.10 millionETH ETFs: $109.50 millionKey Data to Watch Today15:15 – ADP Non-Farm Employment Change (May)Forecast: 111K / Previous: 60K16:45 – Services Purchasing Managers’ Index (PMI) (May)Forecast: 52.3 / Previous: 50.817:00 – ISM Non-Manufacturing PMI (May)Forecast: 52.0 / Previous: 51.617:00 – Job Openings and Labor Turnover Survey (JOLTS) (April)Forecast: 7.110M / Previous: 7.192M17:30 – EIA Crude Oil InventoriesForecast: -2.900M / Previous: -2.795MGlobal MarketsGlobal stock markets are starting the day on an optimistic note. Expectations for high-level negotiations between the US and China have boosted risk appetite. US stock markets continued to rally, led by tech stocks, with the Nasdaq Index turning positive year-to-date. Yesterday, the Nasdaq rose 0.81%, the S&P 500 increased by 0.58%, and the Dow Jones added 0.51%, all closing in positive territory. The small-cap Russell 2000 Index gained 1.59%, supported by strong performances in regional banks and biotech stocks.Eight of the eleven sectors in the S&P 500 ended the day in the green. The technology sector performed best with a 1.48% gain, followed by energy (1.11%), materials (0.97%), and industrials (0.76%). On the other hand, telecommunications (-0.75%), real estate (-0.39%), and consumer staples (-0.15%) underperformed.On the macroeconomic front, the JOLTS job openings for April came in at 7.40 million, beating expectations of 7.11 million. However, factory orders shrank by 3.7%, exceeding the expected 3.1% decline. Today, the market focus is on the US ADP private sector employment data and the ISM services PMI. The ISM services index rose to 51.6 in April and is expected to increase slightly to 52 in May. Asian markets opened on a positive note, and European markets are also expected to open higher.Meanwhile, the OECD revised its “Global Economic Outlook” downward. The global growth forecast for 2025 was lowered from 3.1% to 2.9%, and the 2026 forecast from 3.0% to 2.9%. The US growth forecast for this year was cut from 2.2% to 1.6%, and the 2026 forecast from 1.6% to 1.5%. The report highlighted that uncertainties in trade policy, tight financial conditions, weakening consumer and business confidence, and rising political risks pose major threats to growth. New tariffs could increase trade costs and fuel inflation, although falling commodity prices might partially offset this.Growth forecasts for Turkey were also revised downward. The OECD cut Turkey’s 2025 growth forecast from 3.1% to 2.9%, and its 2026 forecast from 3.9% to 3.3%. Today, key international data include the US ISM services report, ADP employment report, and Eurozone Services PMI—all closely watched by markets.Top Companies by Market Cap and Stock PricesNVIDIA (NVDA) → $3.45 trillion market cap, $141.22 per share, +2.80%Microsoft (MSFT) → $3.44 trillion market cap, $462.97 per share, +0.22%Apple (AAPL) → $3.04 trillion market cap, $203.27 per share, +0.78%Amazon (AMZN) → $2.18 trillion market cap, $205.71 per share, -0.45%Alphabet (GOOG) → $2.02 trillion market cap, $167.71 per share, -1.56%Borsa IstanbulDomestically, the May CPI came in at 1.53% monthly—closer to our forecast (1.8%) and well below the market expectation (around 2.1%). This result aligns with the Central Bank’s inflation trajectory as outlined in its latest Inflation Report. Consequently, annual inflation dropped 2.5 points from the previous month to 35.4%. Our seasonally adjusted monthly inflation came in at 1.7%, showing about a 1-point improvement from April. Core inflation indicators also declined significantly: the B index annual inflation fell to 34.8%, and the C index to 35.4%. These developments signal continued downward momentum in inflation and improving pricing behavior, though a cautious stance remains warranted.Lower-than-expected inflation has increased the likelihood of a rate cut at the June Monetary Policy Committee (MPC) meeting. This triggered strong buying in banking stocks; yesterday the banking index rose by an average of 5.7%, and the BIST 100 gained 3.0%, closing at 9,277 points. Since the banking sector has underperformed the benchmark index by about 6% year-to-date, it may continue to recover this gap amid rate cut expectations. Additionally, pre-holiday settlement advantages also contributed to yesterday’s strong gains. Market attention is now turning to the June 19 MPC meeting.Technically, the BIST 100 showed a strong rebound after the previous two-day decline, recovering just below the support level. The 9,148–8,965 range remains a key support zone. If the index continues to trade above this band, a move toward 9,475–9,500 could be seen. The 9,325 level serves as interim resistance, and a close above 9,475/9,500 would signal short-term optimism, potentially targeting the 9,740–9,770 resistance area next. Key technical support levels for BIST 100 are 9,148/9,044, 8,965, 8,870, and 8,611; resistance levels are 9,325, 9,475/9,500, 9,588, and 9,740.Overall, a balanced sectoral performance with a continued upward trend is expected in Borsa Istanbul today.Top Companies by Market Cap in Borsa IstanbulQNB Finansbank (QNBTR) → 860.11 billion TL market cap, 260.25 TL/share, +1.36%Aselsan Electronic Industry (ASELS) → 581.86 billion TL market cap, 131.80 TL/share, +3.29%Garanti Bank (GARAN) → 478.8 billion TL market cap, 114.80 TL/share, +0.70%Turkish Airlines (THYAO) → 391.57 billion TL market cap, 284.75 TL/share, +0.35%Koç Holding A.Ş. (KCHOL) → 382.41 billion TL market cap, 149.40 TL/share, -0.93%Precious Metals and Exchange RatesGold: 4,231 TLSilver: 43.18 TLPlatinum: 1,369 TLUSD: 39.13 TLEUR: 44.59 TLSee you again tomorrow with more market updates!
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4 Jun 2025
Daily Market Summary with JrKripto 3 June 2025
You can find today’s “Daily Market with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze general market conditions together and take a look at the latest assessments.Bitcoin (BTC), which began its long-term uptrend from $75,930 and reached an all-time high of $111,980, has pulled back to $105,170 due to profit-taking. Technically, $104,629 stands out as the first support level, and if this level is breached, $101,059 and $96,115 will be the next supports to watch. For the upward recovery to gain momentum, breaking above $109,588 is critical. If this resistance is surpassed, $111,980 and then $114,500 could come back into play.Ethereum (ETH) extended its rally from $1,486 up to $3,004 before entering a correction and is currently trading at $2,610. The price is still holding above the $2,385 support, but if it dips below this level, $2,098 and $2,004 will be the next support levels. To continue its upward movement, ETH must break the $2,711 resistance. If this level is breached, $2,838 and $3,004 could be targeted again. Overall, as long as ETH stays above $2,385, the bullish scenario remains valid.Crypto NewsRussia and Ukraine have started second-round peace talks in Turkey.Webus signed a $300 million XRP treasury deal with Samara Alpha.Strategy announced it has purchased 705 BTC.Hong Kong-based Reitar Logtech disclosed to the SEC plans to purchase up to $1.5 billion in BTC to increase reserves and hedge against financial volatility.Michael Saylor’s company Strategy announced an IPO of STRD shares to raise funds for more #Bitcoin purchases.Turkey’s Consumer Price Index for May came in at 1.53% monthly, dropping to 35.41% annually.Top Gainers in CryptocurrenciesSYRUP → Up 16.4% to $0.43140794MKR → Up 16.2% to $1,822.75MOODENG → Up 15.7% to $0.21847194WIF → Up 15.4% to $0.97770381POPCAT → Up 14.1% to $0.40991055Top Losers in CryptocurrenciesDEXE → Down 34.1% to $9.30ZBCN → Down 18.1% to $0.00495409SAROS → Down 4.6% to $0.2013825TAO → Down 4.1% to $392.19VANA → Down 3.9% to $6.68Fear IndexBitcoin: 63Ethereum: 52DominanceBitcoin: 64.05% ▼ 0.31%Ethereum: 9.66% ▲ 0.52%Daily Net ETF FlowsBTC ETFs: -$267.50 millionETH ETFs: $78.20 millionData to Watch TodayTime: 17:00 – Job Openings and Labor Turnover Survey (JOLTS) (Apr)Expectation: 7.110M / Previous: 7.192MGlobal MarketsDespite escalating trade tensions between the US and China, US stock markets closed the day higher. The S&P 500 rose by 0.41%, the Nasdaq by 0.67%, and the Dow Jones by 0.08%. The “Magnificent Seven” tech giants outperformed with a 0.73% gain. Meanwhile, there was selling pressure in the bond market and the US Dollar Index.Rising geopolitical risks, especially the renewed Russia-Ukraine conflict, have pushed investors toward safe-haven assets like gold and silver. Concerns over Russian oil supply also pushed oil prices higher. Seven of the eleven sectors in the S&P 500 posted gains. The healthcare sector (+0.96%) and consumer staples (+0.42%) performed best, while the energy sector lagged behind with a 1.55% loss.The US ISM Manufacturing PMI for May confirmed a slowdown in the economy, falling to 48.5—below the expected 49.5—and remained in contraction territory for the third straight month. Although there was a partial recovery in production and employment components, overall contraction persists. Business leaders noted that tariffs and uncertainty are negatively impacting foreign orders.Meanwhile, positive signals about potential rate cuts have started to emerge from Fed officials. After Governor Waller, Chicago Fed President Goolsbee also stated that a rate cut could be considered if tariff-related uncertainties are resolved.In China, signs of economic slowdown are becoming more apparent. The Caixin Manufacturing PMI dropped to 48.3, well below expectations and the lowest level since September 2022. This weak data has fueled expectations of monetary easing in China, prompting a positive reaction in Asian markets. European markets are expected to open flat but positive today.In the US, factory orders for April and JOLTS job openings data will be closely watched. These reports could provide key insights into the labor market and industrial production.Most Valuable Companies and Stock PricesMicrosoft (MSFT) → $3.43 trillion market cap, $461.97 per share, +0.35%NVIDIA (NVDA) → $3.35 trillion market cap, $137.38 per share, +1.67%Apple (AAPL) → $3.01 trillion market cap, $201.70 per share, +0.42%Amazon (AMZN) → $2.19 trillion market cap, $206.65 per share, +0.80%Alphabet (GOOG) → $2.06 trillion market cap, $170.37 per share, -1.43%Borsa IstanbulDomestic data continues to indicate a slowdown in economic activity. The Istanbul Chamber of Industry’s Turkey Manufacturing PMI came in at 47.2 in May, close to the two-month average, signaling weak domestic and external demand in the manufacturing sector. The stagnation in demand negatively impacted production, employment, and firms’ input purchases, while supplier delivery times continued to shorten. Although exchange rate volatility eased compared to the previous month, it still pressures production costs.According to provisional foreign trade data from the Ministry of Trade, exports in May rose 2.7% year-on-year to $24.8 billion, while imports increased by 2.1% to $31.3 billion. The trade deficit remained steady at $6.5 billion. Seasonally and calendar-adjusted data suggest that the deterioration seen in April was temporary and there was a recovery in the trade balance in May.In consumer sentiment, Bloomberg HT’s Consumer Confidence Index rose by 0.2% to 72.36 in May. Today’s inflation figures from TURKSTAT will clarify May’s inflation outlook. In April, inflation stood at 3.0% monthly and 37.86% annually. Our expectation for May is a 1.8% monthly increase and 35.8% annually. However, market consensus expects monthly inflation to exceed 2%.The BIST-100 index continues to move sideways around the 9,000 level. After sharp declines in banking stocks last Friday, there was a rebound yesterday, with the banking index rising 1.5%, helping the BIST-100 stay above the critical 9,000 mark. According to data released yesterday by the BRSA, the banking sector saw a decline in profitability in April due to rising interest rates. Today’s inflation data will be key for the markets. Additionally, with the upcoming holiday break, investor appetite may increase due to settlement advantages, suggesting a limited upward movement in Borsa Istanbul today.Most Valuable Companies in Borsa IstanbulQNB Finansbank (QNBTR) → 856.76 billion TL market cap, 255.75 TL/share, 0.00% changeAselsan Electronic Industry (ASELS) → 589.61 billion TL market cap, 128.40 TL/share, -0.70%Garanti Bank (GARAN) → 452.76 billion TL market cap, 116.30 TL/share, +7.88%Turkish Airlines (THYAO) → 380.54 billion TL market cap, 282.00 TL/share, +2.27%Koç Holding A.Ş. (KCHOL) → 363.9 billion TL market cap, 149.70 TL/share, +4.32%Precious Metals and Exchange RatesGold: 4,230 TLSilver: 43.12 TLPlatinum: 1,337 TLUSD: 39.20 TLEUR: 44.77 TLSee you tomorrow with more market updates!
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3 Jun 2025
Ripple's Stablecoin Gets Green Light from Dubai!
RLUSD, Ripple's enterprise-grade stablecoin, has received approval from the Dubai Financial Services Authority (DFSA) and can now be legally used within the Dubai International Financial Center (DIFC). This opens a new chapter for RLUSD in the Middle East market.Ripple RLUSD will be available in DIFCThe DIFC is a special economic zone established in 2004, where more than 7,000 companies operate today. It is known as an attractive hub for financial and technology companies. Ripple became the first blockchain service provider in this area by obtaining a license from the DFSA last October. Now, the direct integration of RLUSD into the DIFC ecosystem means that the stablecoin can be actively used by companies in the region in areas such as corporate finance transactions, cross-border payments and liquidity management. RLUSD was first launched in December 2024 and received approval from the New York Department of Financial Services (NYDFS) ahead of the launch. Developed under the supervision of the NYDFS, considered one of the most stringent regulatory authorities in the US, RLUSD is backed one-to-one with US Treasuries, bank deposits and cash equivalents. RLUSD is issued natively on both the XRP Ledger and Ethereum networks. Ripple also emphasizes that RLUSD's reserve management is transparently audited, offering confidence to investors and regulators.In a statement in December 2024, Ripple CEO Brad Garlinghouse stated that the launch of the stablecoin under the roof of NYDFS was a conscious strategic choice and said, “In this period when the US is moving towards clearer regulations, we anticipate that the adoption of stablecoins with real use cases and years of trust in the industry, such as RLUSD, will accelerate.”Important names on the advisory boardRLUSD's advisory board includes former Reserve Bank of India Governor Raghuram Rajan and former Boston Fed Vice President Kenneth Montgomery. They are leading the project alongside other prominent figures in the financial world, such as former FDIC Chair Sheila Bair and Ripple co-founder Chris Larsen.RLUSD is traded on many exchangesRipple's US dollar-backed stablecoin has already expanded its reach by being listed on various cryptocurrency exchanges since its launch in December 2024. RLUSD was initially traded on platforms such as Uphold, Bitso, MoonPay, Archax and CoinMENA, and has since been added to exchanges such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve and Zero Hash. As of 2025, RLUSD is supported on exchanges such as Bitget, Gemini, Kraken, LMAX Digital, B2C2, Keyrock and JST Digital. Other platforms such as Revolut, Banxa, B2C2, Keyrock, Flowdesk also support RLUSD.
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3 Jun 2025
Rumors Came to Naught: Powell is on Duty, the Market Is on Hold
Investors’ eyes were on Fed Chair Jerome Powell’s speech today. This speech, which was added to the calendar later, sparked great curiosity, especially at a time when expectations for interest rate cuts are strengthening. Rumors that emerged in the last 24 hours about Powell’s possible resignation further increased the importance of the meeting.Powell Spoke, But Gave No SignalAccording to the speech text published on the Fed’s website, Powell, in his opening remarks at the event, only made statements about the history and mission of the International Finance Division. There was no message regarding interest rate cuts, nor any hint about resignation.Since the content of the speech included no comments about the Fed’s monetary policy or economic outlook, the “guidance” that the markets were expecting did not materialize. This made the impact of the speech on the market limited, contrary to expectations.Resignation Rumors Proven FalseThere is no reference to the resignation claims in Powell’s speech. This shows that, for now, the rumors are baseless. In fact, this situation is positive for all risk asset classes, especially the crypto markets. Because Powell remaining in office carries critical importance for institutional continuity at the Fed.The sudden resignation of a Fed chair could create distrust in the markets and could have posed a pressure factor, particularly for cryptocurrencies that are prone to volatility.Goolsbee: “Inflation Reports Are Excellent, But There’s Uncertainty”Recent statements by Fed member Austan Goolsbee also drew attention. Goolsbee said that the inflation data received so far is excellent but that it’s hard to predict whether this outlook will continue over the next 1–2 months. Especially the new tariffs brought to the agenda by the Trump administration could create economic uncertainties that may be a significant obstacle in the Fed’s decision-making process.Tariffs and the Fed’s PositionStatements from the White House indicated that the European Union came to the negotiating table under President Trump’s customs tariff pressure and that a meeting with Chinese President Xi could take place this week. However, until the uncertainty brought by these tariffs is fully eliminated, it seems that the Fed will not be in a hurry to cut interest rates.Markets Still Watching Interest RatesAccording to the latest statements, no clear schedule for a rate cut should be expected from the Fed in the short term. However, current economic indicators (such as PMI data) are increasing the possibility of a recession, so the likelihood of rate cuts beginning as of July still remains strong.Calm for Now, But Summer Could Be ActiveIt has now become clear that Powell is not resigning, and that his speech did not contain any concrete message regarding monetary policy. However, statements from Fed members and market data point out that interest rate cuts could be taken more seriously starting from July. For now, the “wait-and-see” mode continues for the crypto markets and other risk assets.
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2 Jun 2025