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Signals Become Clear Before Powell Speech: Rate Cut Is Approaching
Latest PMI Data from the U.S. Confirms Economic Slowdown, but Markets Focus on Fed Rate CutsWhile the latest PMI data from the U.S. confirms a slowdown in economic activity, a more critical agenda has emerged for the markets: when the Federal Reserve will begin cutting interest rates. Fed Chair Jerome Powell, who is set to speak today at 8:00 PM, could largely shape the tone of the response to this question.What Do the Data Show?The S&P Global Manufacturing PMI, released on June 2, came in at 52.0, falling short of the 52.3 expectation. Shortly after, the ISM Manufacturing PMI dropped to 48.5, remaining below the 50 mark and indicating continued contraction in the manufacturing sector.When combined, these two indicators signal a slowing economy. However, what markets are focusing on is something else: these weak data points are further strengthening the case for rate cuts.What Are Markets Expecting?The weakening economic activity is prompting thoughts that the Fed should act without further delay. Analysts and investors now have a clearer view that interest rate cuts could begin as early as July.Following the data, U.S. Treasury yields declined, while interest in risk assets began to rise again—suggesting that markets are viewing the rate cut scenario positively.All Eyes on Powell: Key Messages Expected at 8:00 PMJerome Powell’s statements this evening are crucial not only for the current economic outlook but also for guiding the Fed’s interest rate policy.Expectations are clear: Powell may adopt a more dovish tone in light of the incoming data. This would mean that rate cuts are no longer just a possibility but are becoming a strong scenario.A New Era May Begin in JulyThe dominant scenario in the markets is that gradual rate cuts could begin with the July meeting. The likelihood that these cuts will continue in subsequent meetings throughout the remainder of the year is also increasing.In particular, the relative stabilization in inflation and the slowdown in economic activity are strengthening the Fed’s hand in moving toward rate reductions.
Daily Market Summary with JrKripto 2 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 the general market conditions together and take a look at the latest evaluations.Bitcoin (BTC) started its upward trend from the $75,930 level and carried it to an all-time high (ATH) at $111,980, then pulled back due to profit-taking and is currently trading at $104,671. In the technical outlook, the $104,629 level is being followed as the first support, while below this level, support levels are located at $101,059 and $96,115. For the upward movement to regain strength, the $109,588 level needs to be surpassed. If it can stay above this resistance, $111,980 and $114,500 may be targeted.Ethereum (ETH), on the other hand, extended its upward movement from the $1,486 level to $3,004, then pulled back to $2,481 with the subsequent correction. Technically, the $2,385 level is an important support. Below this level, there are support levels at $2,098 and $2,004. For the continuation of the upward movement, the $2,711 resistance needs to be surpassed. Once this level is broken, the $2,838 and $3,004 levels may become targets again. Overall, ETH is in a horizontal consolidation phase, and holding above $2,385 is critical for the continuation of the positive scenario.Crypto NewsSHARPLINK GAMING has applied for a $1 billion IPO and plans to use the proceeds to purchase Ethereum.Cetus confirmed that the quarantined funds on Sui have been moved to a multisig safe wallet. The funds will remain secure until they are returned to users.WH Senior Advisor Hassett: Trump is considering a phone call with Chinese President Xi this week.U.S. Commerce Secretary Lutnick said tariffs “will not be lifted.”Elon Musk announced that X has launched its new 'XChat' messaging system with "Bitcoin-style" encryption.Top Gaining Cryptocurrencies:MASK → Up 27.8% to $2.57INC → Up 27.3% to $0.03161628KTA → Up 18.6% to $0.95564181AI16Z → Up 13.3% to $0.23943525FLR → Up 10.7% to $0.01914012Top Declining Cryptocurrencies:TKX → Down 6.6% to $31.52LPT → Down 6.2% to $8.27RAY → Down 4.8% to $2.36PLUME → Down 4.7% to $0.12862161GIGA → Down 3.7% to $0.02157426Fear Index:Bitcoin: 59Ethereum: 38Dominance:Bitcoin: 64.51% ▲ 0.05%Ethereum: 9.36% ▼ 0.52%Daily Net ETF Flows:BTC ETFs: -$616.10 MillionETH ETFs: $70.20 MillionKey Data to Watch TodayTime: 16:45 – Manufacturing Purchasing Managers Index (PMI) (May)Expectation: 52.3Previous: 50.2Time: 17:00 – ISM Manufacturing PMI (May)Expectation: 49.3Previous: 48.7Time: 20:00 – Fed Chair Powell’s SpeechGlobal MarketsU.S. stock markets opened sharply lower after President Donald Trump accused China of violating trade agreements. However, they managed to recover most of their losses by the end of the day. This rebound was driven by lower-than-expected April personal consumption expenditures (PCE) data and positive results in the University of Michigan consumer confidence survey.According to PCE inflation data, annual headline inflation dropped to 2.1%, and core PCE inflation, excluding food and energy, fell to 2.5%—the lowest since February 2021. Monthly inflation stood at 0.1%, in line with expectations. While service prices saw limited increases, the downward trend in goods prices ended with a 0.1% rise. The rise in disposable income was driven by social security payments.As a result, the S&P 500 index closed flat with a marginal 0.01% drop, the Nasdaq declined by 0.32%, and the Dow Jones rose by 0.13%. Eight of the 11 sectors in the S&P 500 closed higher, with consumer staples and utilities leading gains, while energy, consumer discretionary, and tech sectors declined.As the new week begins, trade tensions between the U.S. and China continue to escalate. China rejected Trump’s accusations and argued that the U.S. was the one violating the agreement. These developments created selling pressure in Asian markets and U.S. futures, and European markets are also expected to open lower.Meanwhile, expectations regarding the Federal Reserve’s interest rate policy have shifted slightly. While tariff policies may exert upward pressure on inflation, markets are now pricing in a total of 50 basis points in rate cuts for September and December.The University of Michigan’s consumer sentiment index for May was revised upward from the previous estimate of 50.8 to 52.2, marking a pause in the four-month decline. The index is still 24% lower than the same period last year. Short-term inflation expectations rose slightly to 6.6%, while 5-year long-term expectations declined from 4.4% to 4.2%.On the Chinese side, economic data signaled a recovery. The manufacturing PMI rose from 49.0 to 49.5 in May, slowing the contraction. The non-manufacturing PMI, covering services and construction, came in at 50.3, just above the growth threshold.Most Valuable Companies and Stock PricesMicrosoft (MSFT) → $3.42 Trillion market cap, $460.36 per share, up 0.37%NVIDIA (NVDA) → $3.3 Trillion market cap, $135.13 per share, down 2.92%Apple (AAPL) → $3 Trillion market cap, $200.85 per share, up 0.45%Amazon (AMZN) → $2.18 Trillion market cap, $205.01 per share, down 0.34%Alphabet (GOOG) → $2.09 Trillion market cap, $172.85 per share, down 0.06%Borsa Istanbul (BIST)In Q1 2025, the Turkish economy grew by 2% compared to the same period last year, and 1% on a quarterly basis. This growth was slightly below market expectations of 2.5% and the institutional forecast of 2.3%. The main driver was household consumption. Thanks to favorable credit conditions before the interest rate hike, consumption increased by 2% annually, contributing 1.6 percentage points to growth. Public spending rose by 1.2%, adding 0.2 points, and investments (fixed capital formation) grew by 2.1%, also contributing 0.2 points. However, while exports remained flat, a 3% rise in imports pulled growth down by 0.6 points. Growth was sustained by domestic demand in Q1, but this momentum is expected to weaken in Q2. We believe there are increasing downside risks to our 2025 growth forecast of 3.1%, and that growth may fall below 3%.In the labor market, negative developments were seen. In April, the seasonally adjusted unemployment rate rose from 8% to 8.6%, the highest since November 2024. The broader underemployment rate hit a record high, rising from 28.8% to 32.2%. The combined rate of time-related underemployment and unemployment rose to 22.5%, while the rate of unemployed and potential labor force remained at 20%. This sharp increase is thought to be partly due to temporary unemployment of daily wage workers during the holiday period.Price increases also continued. According to Istanbul Chamber of Commerce data, retail prices rose by 2.83% monthly and 46.57% annually in May. According to TÜRK-İŞ, the hunger threshold increased by 4.39% to 25,092 TL in May. The Ministry of Treasury and Finance will make domestic debt payments totaling 581.6 billion TL between June and August. In June, a borrowing of 278.9 billion TL is planned against payments of 265.6 billion TL.The Financial Stability Report published by the Central Bank indicated a shift in commercial loans in favor of TRY since March. Due to high commercial loan interest rates, credit growth is expected to remain moderate, and firms’ financial positions are generally considered manageable.Last week’s decline in Borsa Istanbul was driven especially by selling in banking stocks. The BIST-100 index dropped below 9,000 points during the session but closed slightly above that level. The Capital Markets Board (SPK) extended regulations on short selling bans, share buybacks, and margin trading until July 4. These measures are expected to provide short-term support to the market. However, due to settlement advantages during the holiday, some investors may still opt to sell. Tomorrow’s inflation data from TURKSTAT will be important; market expectation is around 2% monthly. The BIST-100 is expected to start the week with a flat movement above 9,000 points.Most Valuable Companies on Borsa IstanbulQNB Finansbank (QNBTR) → 867.65 Billion TL market cap, 258.50 TL per share, down 0.19%Aselsan Elektronik Sanayi (ASELS) → 590.98 Billion TL market cap, 130.00 TL per share, up 0.31%Türkiye Garanti Bankası (GARAN) → 444.78 Billion TL market cap, 107.70 TL per share, up 1.70%Türk Hava Yolları (THYAO) → 377.08 Billion TL market cap, 273.25 TL per share, no changeKoç Holding A.Ş. (KCHOL) → 359.34 Billion TL market cap, 140.40 TL per share, down 0.92%Precious Metals and Exchange RatesGold: 4,181 TLSilver: 41.93 TLPlatinum: 1,326 TLUSD: 39.26 TLEUR: 44.67 TLSee you again tomorrow with the latest updates!
SEC Puts Staking Services Under the Spotlight: New Regulatory Lines Are Becoming Clearer
The U.S. Securities and Exchange Commission (SEC) Has Released New Guidance on Staking—A Long-Awaited Move for the Crypto IndustryThe document brings important changes for both individual investors and platforms in the crypto space. A more nuanced approach is now in place—depending on who is doing what.No Action Against Those Staking Their Own AssetsAccording to the SEC’s statement, individuals staking their own crypto assets—such as by connecting to a proof-of-stake (PoS) network to earn rewards—will not be considered as engaging in securities activity. In other words, there is no regulatory risk for users who stake on their own behalf and serve as validators on the network. Since no one else’s funds are being taken or managed, the SEC does not intervene. This is a notably reassuring development for individual users.But It’s a Different Story for PlatformsThings change when it comes to platforms offering staking services. Systems that take users’ funds, stake them on their behalf, manage rewards, and sometimes automatically re-stake—these are squarely on the SEC’s radar.The Commission clearly stated that such services could be considered “securities offerings.” This means that exchanges and service providers involved in these activities may need to register with the SEC and ensure proper disclosure to investors. The extent to which users lose control over their assets is now a much more critical factor.Not Just Staking—Tokenization Is Also in FocusThe SEC’s published document doesn’t only address staking. It also focuses on the tokenization of assets—transferring traditional assets onto the blockchain. One of the discussions on this topic took place with Payward (Kraken’s parent company). The new SEC leadership aims to establish more dialogue with the industry and prioritize clarity over strict enforcement. This aligns with the approach of Paul Atkins, the new SEC chairman appointed after Trump’s return: “Encourage compliance, not punishment.”The Nature of the Activity Matters—But Who Does It Matters Even MoreThe SEC’s message is clear: the same staking activity can have different legal implications depending on who is performing it. For those doing it on their own behalf, there is no issue. But those doing it on behalf of others now carry significant legal responsibilities. The crypto industry is maturing, and in the process, things are becoming clearer. Everyone must better understand—and explain—what they are doing and for whom.
SEC Drops Binance Case: Crypto Wind Reverses in Washington
The Most Controversial Crypto Case in the U.S. Has Been Closed: SEC Drops the Binance LawsuitThe U.S. Securities and Exchange Commission (SEC) has stepped back from its nearly two-year-long legal battle against Binance. On May 29, a joint motion was filed to dismiss the case entirely. This is not just a legal conclusion—it signals a significant shift in how the U.S. views crypto.How Did the Lawsuit Begin?In June 2023, the SEC filed a lawsuit against Binance, its founder Changpeng Zhao, and its U.S. affiliate BAM Trading, accusing them of misleading investors and mismanaging customer funds. For a long time, the case was seen as a major blow to the crypto market.During this process, Binance reached a settlement with the Department of Justice, agreeing to pay a $4.3 billion fine. Zhao stepped down as CEO, pleaded guilty to money laundering charges, and was sentenced to four months in prison.What Changed?As of May 2025, the SEC officially announced its intention to drop the case. SEC officials stated, “This case is no longer a priority for the agency,” and requested that the proceedings be terminated. Notably, they are seeking to close the case “with prejudice”—meaning it cannot be reopened.Binance welcomed the move as “a major victory for crypto” and specifically thanked the Trump administration and new SEC Chairman Paul Atkins.Trump and the New SEC: A Different PathThis development clearly reflects a shift in crypto policy in Washington. With Paul Atkins—former crypto advisor—appointed as SEC Chairman, the agency is opting for dialogue with the industry over harsh enforcement actions.It’s not just Binance… Proceedings involving companies like Coinbase, Kraken, Circle, and OpenSea have also either been concluded or shelved. The new approach prioritizes “finding common ground over confrontation.”What Does It Mean?The dismissal of the case is obviously a positive outcome for Binance. But more importantly, it signals a new chapter in the U.S.'s crypto policy. The easing of regulatory pressure gives entrepreneurs and investors room to breathe.The U.S. is moving toward a more balanced stance on digital assets. This means clearer rules, reduced uncertainty, and more open communication in the near future.For the first time, the crypto industry now has a real chance to sit at the same table with regulators.
Daily Market Summary with JrKripto 30 May 2025
You can find today’s “Daily Market Update with JrKripto,” where we’ve compiled the most important developments from global and local markets, below. Let’s analyze the general market conditions together and review the latest updates.Bitcoin (BTC) is currently trading at $105,400. The long-term uptrend that began at $75,930 gained momentum after breaking through the resistance levels at $101,059 and $104,000, eventually reaching an all-time high (ATH) of $111,880. However, following profit-taking at this peak, BTC has broken below the $108,000 support level and is currently trading below it. This pullback signals a short-term bearish outlook, with $104,629 serving as intermediate support and $101,059 as a stronger support zone. In potential upward recoveries, the first resistance lies again at $108,000. If this level is breached, $111,000 and subsequently $114,500 could be targeted. However, to maintain its upward trend, it is critical for BTC to establish support above the $108,000 level.Ethereum (ETH) is currently trading at $2,610. The upward movement that began at $1,486 pushed the price above resistance levels at $2,453 and $2,595, reaching as high as $2,720. However, selling pressure from this region has dragged ETH back below the $2,595 level. The current price action points to a short-term correction. If the downward movement continues, $2,453 and $2,095 will serve as support levels. In case of upward recovery, $2,595 is once again the initial resistance. If surpassed, the next potential targets would be $2,800 and $2,981. For ETH’s positive outlook to regain strength, maintaining support above $2,595 is crucial.Crypto NewsBybit has obtained a MiCA license in Austria.Telegram raised $1.7 billion through convertible bonds to repay existing debt.Fed member Goolsbee: If tariffs are avoided through a deal or otherwise, we could return to a rate-cutting scenario.Bitcoin treasury firm Twenty One, backed by Tether, raised its total funding to $685 million following a second bond sale.White House: Trump told the Fed chair that not cutting rates is a mistake.The SEC Crypto Task Force met with Payward to discuss tokenization of traditional assets and staking services.SEC has dropped its lawsuit against Binance.Nigel Farage, leader of the UK Reform Party, will introduce a Strategic Bitcoin Reserve bill.Top Gainers:LPT → Up 86.7% to $10.45VENOM → Up 16.7% to $0.12698581SAFE → Up 13.0% to $0.67709936DEXE → Up 12.6% to $14.10ZBCN → Up 12.0% to $0.00621744Top Losers:PNUT → Down 20.6% to $0.27233779SYRUP → Down 16.9% to $0.34540183MOG → Down 16.2% to $0.00000101OM → Down 16.0% to $0.32981439DOG → Down 15.8% to $0.00441292Fear Index:Bitcoin: 66Ethereum: 60Dominance:Bitcoin: 63.96% ▲ 0.40%Ethereum: 9.64% ▼ 0.07%Daily Net ETF Flows:BTC ETFs: -$346.80 MillionETH ETFs: $91.90 MillionKey Economic Data to Watch Today:15:30 – Core Personal Consumption Expenditures (PCE) Price Index (YoY, April)Forecast: 2.5%Previous: 2.6%15:30 – Core PCE Price Index (MoM, April)Forecast: 0.1%Previous: 0.0%Global MarketsU.S. stock indices opened strong thanks to Nvidia’s solid financial results and the U.S. International Trade Court’s decision to block tariffs imposed by President Donald Trump. However, profit-taking occurred during the day after a federal appeals court temporarily halted this decision. Still, the indices closed higher: S&P 500 up 0.40%, Dow Jones up 0.28%, and Nasdaq up 0.39%.Ten out of eleven S&P 500 sectors ended the day in positive territory, with the best performers being real estate (+0.95%), healthcare (+0.74%), and infrastructure (+0.69%). Telecommunications was the only sector to close lower (-0.35%). Nvidia shares rose 3.2%.On the macroeconomic front, the U.S. economy contracted at an annualized rate of 0.2% in Q1 2025. While this is less than the initial estimate of -0.3%, it marks the first economic contraction since 2022. The upward revision was mainly due to stronger-than-expected investment spending. However, personal consumption grew only 1.2%, the lowest rate since Q2 2023. Government spending fell by 4.6%, the sharpest decline since 2022. Fixed investment rose 7.8%, and exports grew 2.4%. Imports surged 43%, suggesting that consumers and businesses pulled forward demand ahead of high tariffs.Initial jobless claims in the U.S. rose by 14,000 to 240,000 for the week ending May 24 (forecast: 230,000). The four-week moving average dropped by 250 to 230,750. Continuing claims rose by 26,000 to 1.92 million for the week ending May 17.Today, the markets are focused on April’s PCE inflation data, closely monitored by the Fed. The forecast is for monthly inflation to rise 0.1% and annual inflation to increase to 2.2% from 2.3% in March. Additionally, preliminary CPI data from Germany for May, U.S. personal income and spending, trade balance, and the University of Michigan’s final consumer sentiment index will be released. German CPI is expected to continue its gradual decline.Asian indices opened slightly lower this morning, while European indices began the day in positive territory. Although trade policy uncertainty continues to cap gains, Nvidia’s strong results and today’s U.S. inflation data remain in sharp focus.Top Companies by Market Value and Stock PricesMicrosoft (MSFT) → $3.41 trillion market cap, $458.68 per share, up 0.29%NVIDIA (NVDA) → $3.4 trillion market cap, $139.19 per share, up 3.25%Apple (AAPL) → $2.99 trillion market cap, $199.95 per share, down 0.23%Amazon (AMZN) → $2.18 trillion market cap, $205.70 per share, up 0.48%Alphabet (GOOG) → $2.09 trillion market cap, $172.96 per share, down 0.24%Borsa IstanbulAccording to final data released by TURKSTAT, Turkey’s foreign trade deficit in April stood at $12.1 billion—close to the provisional figures earlier released by the Ministry of Trade. In the same period, exports increased 7.8% year-over-year to $20.8 billion, while imports rose 12.7% to $32.9 billion. As a result, the trade deficit for the first four months of 2025 reached $34.6 billion, a 14.7% increase compared to the same period last year. The 12-month rolling trade deficit reached $86.7 billion, the highest since June 2024.Important domestic data releases are expected today. April’s unemployment rate, Q1 2025 GDP figures, and the Central Bank’s Financial Stability Report will be published. In Q4 2024, Turkey’s economy grew 3.0% annually and 1.7% quarter-on-quarter (seasonally and calendar-adjusted). For Q1 2025, annual growth is expected to be around 2.0%.The BIST-100 index is trying to find support just below the 9,200 mark—near its lowest dollar-based level in a year. Since the beginning of the month, the banking, telecommunications, and energy sectors have shown strong performance, while chemical, cement, aviation, retail, and insurance sectors have remained weak. Today, GDP data will be released at 10:00 a.m., followed by the Central Bank’s Financial Stability Report at 10:30 a.m. Next Tuesday, May’s inflation figures will be published. Forecasts suggest monthly inflation around 2.0%. A flat trading day is expected on BIST-100.Technically, the BIST-100 index tested 9,265 intraday yesterday before pulling back and closing at 9,171. The index is trying to hold above the previous support band of 9,148–9,044. While rebound attempts remain weak, efforts to stabilize in this zone may continue. If not, further weakness could follow. A close above 9,475 would signal renewed optimism. Intermediate resistance levels are at 9,224 and 9,325, while strong resistance lies at 9,475/9,500, 9,588, and 9,740/9,760. Support zones are at 9,148, 9,074/9,044, 8,984, 8,872, and 8,618.Top Companies by Market Value on Borsa IstanbulQNB Finansbank (QNBTR) → 886.08 billion TL market cap, 264.50 TL per share, no changeAselsan Electronic Industries (ASELS) → 602.83 billion TL market cap, 129.30 TL per share, down 2.19%Garanti Bank (GARAN) → 460.32 billion TL market cap, 106.10 TL per share, down 3.19%Turkish Airlines (THYAO) → 384.33 billion TL market cap, 277.00 TL per share, down 0.54%Koç Holding A.Ş. (KCHOL) → 362.63 billion TL market cap, 143.50 TL per share, up 0.35%Precious Metals and Exchange RatesGold: 4,152 TLSilver: 41.81 TLPlatinum: 1,361 TLUSD: 39.22 TLEUR: 44.58 TLSee you again tomorrow with the latest updates!
Circle Goes PUBLIC: BlackRock Plans to Take a 10% Stake
USDC Issuer Circle Joins Forces with Wall Street Giants in Public OfferingCircle Internet Financial, one of the most recognized companies in the cryptocurrency sector, has officially launched its public offering process on the New York Stock Exchange (NYSE). The company announced that it plans to offer 24 million Class A common shares under the ticker symbol “CRCL.” This development marks a significant milestone not only for Circle but also for the broader integration of the crypto industry into traditional financial markets.IPO Plan: 24 Million Shares, $624 Million TargetAs part of the IPO, Circle will offer a total of 24 million Class A shares—9.6 million directly from the company and 14.4 million from existing investors. The expected share price range is between $24 and $26. This would bring the company’s total valuation to approximately $5.65 billion, or around $6.7 billion when including public option shares.Circle aims to raise a total of $624 million through this public offering. However, the most critical aspect of this process is the quality of the investor profile.BlackRock’s Strategic Move: Aiming for 10% of SharesThe world’s largest asset manager, BlackRock, plans to purchase roughly 10% of the shares offered in Circle’s IPO. This is a significant development not only in terms of financial scale but also in its symbolic value. BlackRock’s interest signals that the stablecoin market is starting to gain serious traction in institutional finance.This move confirms that Circle has become a respected financial actor, both for its technological infrastructure and its regulatory compliance efforts. Following BlackRock, Ark Investment Management also announced plans to purchase $150 million worth of shares in the IPO.Strength from USDC: Circle’s Market PositionAs the issuer of the USDC stablecoin, Circle holds a critical position in the global digital asset market. As of May 28, USDC had a circulating supply of $60.9 billion, representing 24.6% of the global stablecoin market. This makes USDC the second-largest stablecoin after Tether.USDC’s stability, transparency in reserves, and regulatory-friendly structure have made Circle a reliable partner for institutional investors.IPO: A Step Toward Capital and InstitutionalizationCircle’s public offering is not just a financial growth initiative. It also represents a transition into a new phase focused on transparency, auditability, and long-term sustainability. Circle is already one of the few crypto firms working closely with U.S. regulatory agencies.In the past, giants like Ripple and Coinbase were rumored to be interested in acquiring Circle, but the company firmly responded to speculation by stating, “We are not for sale.” This IPO clearly demonstrates that Circle is committed to independent growth.Crypto Crosses a New Threshold with the BlackRock-Circle PartnershipCircle’s IPO shows that the relationship between the crypto sector and Wall Street is no longer a passing interest—it’s becoming a permanent structure. The participation of a giant like BlackRock, aiming to hold a notable 10% stake, confirms that digital assets are no longer on the periphery of the investment world—they’re moving to the center.The shares, to be listed on the NYSE under the ticker “CRCL,” could become a symbol not just for Circle, but for the entire stablecoin ecosystem’s credibility.
Bybit Opens the Door to Europe with MiCA License
As Regulatory Compliance Becomes Increasingly Critical in the Crypto Market, Bybit Makes a Strong Move in EuropeAs regulatory compliance becomes ever more vital in the cryptocurrency market, leading exchange Bybit has made a bold move in the European market. By obtaining a MiCA license from the Austrian Financial Market Authority (FMA), Bybit has earned the right to offer crypto services across the 29 countries of the European Economic Area (EEA).This license is not just a legal green light; it’s also a clear sign of how much importance Bybit places on Europe within its global growth strategy. In this context, the company also announced the opening of its European headquarters in Vienna.MiCA License: Legal Access to a 500-Million-Person MarketMiCA (Markets in Crypto-Assets) is the European Union’s first comprehensive regulatory framework for crypto assets. Introduced in September 2020 and approved in 2023, this regulation aims to enhance consumer protection, reduce the risk of financial crimes, and bring clarity to the industry.Bybit’s MiCA license allows the company to offer regulated and localized services across the EU. This translates to a potential user base of around 500 million people.Bybit CEO Ben Zhou commented on the move with the following statement:“Obtaining the MiCA license in Austria is a testament to Bybit’s compliance-first approach. We are actively pursuing global licensing efforts to ensure that our users can access our platform with the highest level of regulatory assurance.”Vienna Office: Not Just a Hub, but an Ecosystem InvestmentBybit’s new headquarters, which will manage the company’s European operations, will be based in Vienna. However, this office will be more than just a regional management center. The company plans to employ over 100 professionals in Austria and invest in the local crypto ecosystem.Bybit Europe CEO Mazurka Zeng emphasized that the Vienna office will also serve as a community hub. Through its Blockchain for Good Alliance, Bybit aims to collaborate with universities and local communities to promote regional innovation.Global Vision: Expansion in Asia, Security Under ScrutinyWhile Bybit strengthens its presence in Europe with the MiCA license, it is also signaling expansion in the Asian market. CEO Ben Zhou recently met with Vietnam’s Finance Minister to discuss establishing a legal framework for digital assets and setting up a national digital asset exchange in the country.However, the company still faces challenges ahead. A few months ago, Bybit experienced a major security breach resulting in the withdrawal of over $1.4 billion in assets. This incident highlighted the need for the platform to implement even stricter measures in terms of user security and technological infrastructure.Compliance in Europe, Ambition GloballyBybit’s MiCA license from Austria marks a new chapter for crypto exchanges in Europe. The company’s Vienna office stands out not just as an operational base, but as a strategic investment hub. Through education, local partnerships, and regulatory collaboration, Bybit is positioning its presence in Europe not merely as an "office," but as an ecosystem investment.With a similar vision guiding its path in Asia, the company seems determined to build a global profile that is both regulation-friendly and innovation-driven.
Pakistan Officially Announces Bitcoin Reserve
2025: A Year of Bold Governmental Moves in the Crypto World — Pakistan Launches Its Strategic Bitcoin ReserveThe year 2025 is shaping up to be a period of significant governmental strides in the world of cryptocurrencies. Among the most notable moves comes from Pakistan. On May 28, 2025, during the Bitcoin 2025 Conference held in Las Vegas, the Pakistani government officially announced the establishment of its own Strategic Bitcoin Reserve.The announcement was made by Bilal Bin Saqib, Chairman of the Pakistan Crypto Council and Special Advisor to the Prime Minister on Crypto and Blockchain. Saqib’s statements represent not just a new economic vision, but a clear break from the past:“Pakistan is no longer defined by its past. It is being reborn as a forward-looking hub of digital innovation, empowered by its youth, sharpened by necessity, and led by a new generation of tech-savvy statesmen.”National Bitcoin Wallet and a No-Sell CommitmentThis reserve will be held in a national Bitcoin wallet established by the government. Saqib emphasized that these Bitcoins will not be sold and carry no speculative intent:“This is not a trade; it’s a strategic asset plan. We will hold these Bitcoins and never sell them.”This statement signals that the government views digital assets not as vehicles for short-term profit but as instruments of long-term economic security and technological strategy.Inspired by the U.S., Acted on by PakistanPakistan’s decision came shortly after U.S. President Donald Trump announced plans to establish a strategic Bitcoin reserve in March 2025. Bilal Bin Saqib noted that Pakistan was directly inspired by this move. The similarity highlights how nation-states are increasingly incorporating digital assets into their reserve strategies.It also marks a sharp departure from Pakistan’s previously cautious stance on cryptocurrencies. A government that once said “crypto will never be legal” has now transformed into a nation establishing a Bitcoin reserve on the global stage.2,000 Megawatts of Energy Allocated for Crypto MiningIn addition to the strategic reserve, the Pakistani government announced plans to allocate 2,000 megawatts of surplus electricity for Bitcoin mining and high-performance AI data centers. This initiative serves three primary goals:Utilizing idle energy resourcesCreating technology-driven employmentAttracting foreign investmentDue to high electricity tariffs and the widespread use of solar energy, the surplus is now being turned into an advantage. With this step, Pakistan aims to become a new regional hub for mining and data center investments.Digital Asset Authority and a New Wave of RegulationThe Pakistani government is not only investing in reserves and infrastructure but also taking steps to build a comprehensive regulatory framework. The Ministry of Finance has approved the establishment of a new institution called the Pakistan Digital Asset Authority (PDAA). This authority will license and regulate:Cryptocurrency exchangesDigital asset custody servicesTokenization platformsDeFi applicationsFinance Minister Muhammad Aurangzeb stated that the PDAA will also play an active role in areas such as blockchain-based debt instruments, tokenization of state assets, and the development of decentralized finance infrastructure.International Partnerships: Binance Founder Joins as AdvisorThe Pakistan Crypto Council is placing significant emphasis on global collaboration during this transformation. Among the Council’s advisors is Binance co-founder Changpeng Zhao. Appointed as a strategic advisor in April 2025, Zhao has since been supporting Pakistan in blockchain infrastructure, crypto regulation, and the adoption of digital assets.From Crypto Rejection to Global Crypto PlayerPakistan’s establishment of a strategic Bitcoin reserve is not merely symbolic—it marks a structural policy shift. Crypto-friendly regulations, the integration of national energy resources with new technologies, and comprehensive regulatory initiatives all have the potential to position Pakistan as a regional digital asset hub.Once known for its bans, Pakistan now wants to be recognized for its Bitcoin reserve.
Fed Minutes 2025: Cautious Monetary Policy
The Fed Holds Rates Steady, but Inflation Persists, Unemployment Concerns Grow, and Markets Remain DirectionlessThe Fed kept interest rates unchanged, yet inflation isn't coming down, concerns over unemployment are rising, and markets are struggling to find direction. Economic data remains strong, but the future is still unclear. After every meeting, we see the same picture: uncertainty and efforts to read between the lines.Why Did the Fed Keep Rates Steady?At the Federal Open Market Committee (FOMC) meeting held on May 6–7, 2025, the Fed decided to keep the federal funds rate unchanged in the 4.25%–4.50% range. But why?In fact, there are several clear reasons behind this decision, all of which are directly tied to today’s economic vulnerabilities:Inflation Remains PersistentThe Fed’s main focus is the risk that inflation may not be transitory, but rather persistent. According to the minutes, price pressures may last longer than expected. This signals a cautious approach and a reluctance to act hastily on monetary policy.Current Policy Is “Moderately Restrictive”Fed officials believe that the current policy stance is applying a measured amount of pressure on the markets. The goal is to slow down the economy in a controlled manner, without completely stalling it.Waiting for ClarityThe minutes indicate that economic uncertainty persists. Due to unclear trade policies, global influences, and mixed data, the consensus is that policy changes should be avoided until a clearer picture emerges.Inflation and Unemployment: The Fed’s Two Main Risk FocusesThe minutes reveal that the Fed is not only concerned with interest rate decisions but is also closely monitoring two major risks in the economy: persistent inflation and potential weakness in the labor market.Inflation Isn’t Falling—It’s StabilizingWith inflation still well above the annual 2% target, it remains a top priority for the Fed. The minutes emphasize that price increases may prove more persistent than expected. As a result, monetary policy decisions are being made cautiously and over time.Is the Labor Market Starting to Crack?The economic slowdown may begin to impact the labor market. Fed officials are raising the possibility of a potential rise in the unemployment rate. This shows that policymakers are taking into account not just price stability, but also labor market balance when making decisions.Cracks in the U.S.’s Safe-Haven Status?One of the most striking points in the Fed minutes was the concern over the U.S.’s role in the global financial system. There are growing questions about how current trade policies might impact this status.Trade Policies Are Creating UncertaintyFed officials have noted that the recent protectionist trade policies could negatively impact investor confidence. A shift in global trade flows could damage the perception of U.S. assets as a "safe haven."What Happens if Global Confidence Erodes?If the U.S.—traditionally the go-to destination during times of crisis—loses this position, capital flows may shift to other regions. This could increase volatility in the dollar, stock, and bond markets. The consequences would be significant not just for the domestic economy, but for global economic balances as well.What It Means for Investors: What’s Next?The minutes show that the search for clarity regarding the economic outlook continues and that a cautious stance will persist. In this environment, there are several key points that investors should pay attention to:Five Key Considerations During Uncertainty:Closely Monitor Monetary Policy SignalsThe minutes show that the Fed’s decisions are data-dependent. This makes statements, data releases, and press conferences even more important.Keep Portfolio Diversification a PriorityIn times of high economic uncertainty, it’s safer to diversify investments rather than focusing on a single asset.Track Employment and Inflation Data CarefullyThese two indicators are among the most decisive in shaping the Fed’s decisions. Upcoming data will be critical in determining market direction.Be Prepared for the Impact of Geopolitical DevelopmentsFactors such as foreign trade, election uncertainties, and global relations can trigger market volatility.Avoid Short-Term Speculative Moves as Risk Perception RisesDuring periods of high volatility, it is more strategic to take a medium-to-long-term approach.The Fed’s Message Is Clear: “Wait and See”The FOMC minutes show that the Fed is maintaining its cautious stance and will continue making data-driven decisions. Inflation remains a key issue to keep under control, while the risk of rising unemployment is being closely watched. Trade policy’s global impact is emerging as another area of vulnerability.Therefore, any upcoming steps will require a multi-layered strategy that considers both domestic dynamics and global effects. While market direction remains unclear, the Fed’s message is unmistakable:Until the economic picture becomes clearer, staying cautious will remain the primary policy approach.
The Big Incentive for Crypto Investors from Florida: Capital Gains Tax Is Being Reset
Florida is preparing to offer a major tax advantage for those investing in cryptocurrency. The state legislature has introduced a bill that eliminates state-level capital gains tax on profits earned from various assets, including Bitcoin, XRP, and stocks. This move could make Florida much more attractive for both individual investors and crypto companies.What Does the Law Bring?According to the bill, investors will not pay any state tax in Florida on profits earned from digital assets like Bitcoin or XRP. For example, if a crypto investor sells Bitcoin for $10,000 and makes a $2,000 profit, the state of Florida will not claim any tax on that gain. However, this regulation only covers state taxes; federal-level taxes will still apply.This tax cut aims to increase interest in crypto assets and position Florida as a hub for digital finance. Attracting investors with crypto-friendly policies is seen as a strategic move for the state, which seeks to support technological innovation.Politics and Economy Hand in HandThe bill is backed by the administration led by Republican Governor Ron DeSantis. This step also aligns with Donald Trump’s increasingly crypto-friendly stance. Florida already has no personal income tax. Now, with the addition of eliminating capital gains tax, Florida stands out for investors seeking tax advantages.According to experts, this development may not be limited to Florida alone. Other states could consider similar incentives, and new reforms at the federal level may also be brought to the agenda.A New Beginning for CryptoFlorida’s move is not just a tax cut—it is also a reflection of growing confidence in the digital economy. This step, which concerns both individual investors and institutional companies, could open a new chapter for the acceptance of digital assets within the U.S. If the bill becomes law, Florida could become a major hub for the crypto economy, not only nationally but on a global scale.
Americans Are Turning to Bitcoin: The Traditional Understanding of Investment Is Changing
Investment behavior in the United States is undergoing a fundamental transformation. Recent studies reveal that public interest in Bitcoin has surpassed that of gold. This shift affects not only individual investors but also national reserve policies. The growing acceptance of digital assets at both institutional and strategic levels is reinforcing the U.S.’s leadership in the crypto era. Bitcoin Is Becoming America's Reserve Asset Bitcoin Surpasses GoldAccording to a comprehensive survey conducted by The Nakamoto Project, 80% of Americans support converting a portion of the country’s gold reserves into Bitcoin. In this poll of 3,345 participants, the proposed median conversion rate was 10%, though some respondents supported rates as high as 20%. When broken down by age group, individuals aged 26–30 were the most supportive of the shift, followed by those under 26 and those aged 31–35. This indicates growing confidence and interest in digital assets among younger generations.The numbers back this up: approximately 50 million Americans own Bitcoin, compared to around 36–37 million who own gold. This data shows that Bitcoin has evolved beyond being merely an alternative investment—it has become a serious competitor to traditional stores of value.National Reserves and Institutional StrengthThe U.S. government has not remained indifferent to this societal shift. In 2025, President Donald Trump signed an executive order to establish a “Strategic Bitcoin Reserve,” which is planned to be backed by approximately 207,189 BTC. Additionally, a legislative proposal introduced by Senator Cynthia Lummis outlines a plan for the U.S. to acquire 1 million BTC over the next five years.On the institutional side, a similar trend is emerging. BlackRock’s iShares Bitcoin Trust (IBIT), with $33.2 billion in assets under management, has surpassed the iShares Gold Trust (IAU), strengthening the positioning of digital assets over gold. According to data from blockchain firm River, Americans hold 40% of the global Bitcoin supply, equating to a value of approximately $790 billion. Moreover, U.S.-based publicly traded companies account for 94.8% of corporate Bitcoin holdings.The Bitcoin Potential of U.S. Gold ReservesThe official U.S. gold reserve stands at 8,133 metric tons. However, this reserve is still valued based on the 1973 fixed price of $42 per ounce, which pegs the total value at just $11 billion. In contrast, using the current market price of $3,200 per ounce, the actual value exceeds $834 billion. The $820 billion gap between these two figures theoretically represents a massive potential for Bitcoin investment.Is Bitcoin the New Generation Reserve Asset?This intense interest in Bitcoin reflects not only a shift in individual investment preferences, but also the emergence of digital assets as components of national economic strategies. The growing confidence of both the American public and policymakers in Bitcoin suggests that digital assets will play a more central role in the global financial system in the years to come.Challenging the traditional gold standard, Bitcoin is steadily progressing toward becoming the reserve asset of the future—for both new-generation investors and institutional decision-makers.
The US Is Entering a New Era in Stablecoin Regulations: A Clear Message from Bessent
U.S. Treasury Secretary Scott Bessent, in his latest remarks on digital assets, emphasized that the country is taking a “major step forward” in this area. In an interview with Bloomberg, Bessent stated that stablecoin regulations are only the beginning. The vision of the new administration is to build a digital economy that encourages financial innovationwhile being supported by strong oversight and compliance frameworks.Digital Assets and a New Regulatory ApproachAccording to Bessent, the Trump administration has made digital assets a strategic priority. He noted that previous administrations had pursued a “destructive” policy toward crypto companies, whereas the current administration is adopting a more constructive approach. This approach centers around a vision that emphasizes anti-money laundering (AML) efforts and regulatory clarity.The GENIUS Act: A New Foundation for RegulationThe most critical legislative proposal on the agenda, the GENIUS Act, imposes strict transparency and reserve requirements on stablecoin issuers. Under this law:Stablecoin issuers must disclose their reserves.Full reserve backing will be mandatory.Federal and state regulators will set standards for liquidity, risk, and capital.Bessent stresses that this legislation is only a starting point. According to him, it will position the U.S. as a global leader in digital assets and further strengthen the dominance of the dollar.How Do Stablecoins Impact U.S. Treasury Bonds?Another key point raised by Bessent is the potential impact of stablecoins on U.S. Treasury bonds. He forecasts that these digital assets could drive demand for Treasuries to as high as $2 trillion in the near future. This could reduce borrowing costs and reinforce the global influence of the dollar.“The Greatest Financial Opportunity of This Generation”Bessent warned that if the U.S. fails to act swiftly on digital assets, stablecoins may end up being regulated inconsistently at the state level, which could undermine investor confidence and limit the sector’s growth. He described the GENIUS Act as “one of the greatest financial opportunities of this generation.”
Kraken Announces XSTOCKS For 24/7 Stock Trading
Kraken is launching a major innovation that brings together digital assets and traditional stocks. The exchange has announced a new system called xStocks, which will enable 24/7 trading of more than 50 tokenized stocks and ETFs, including financial giants like Apple, Tesla, NVIDIA, and SPDR S&P 500 ETF (SPY).What is xStocks and How Does It Work?Kraken’s new product line, branded as “xStocks,” operates on the Solana blockchain. Each xStock token is a 1:1 digital representation of a real stock or ETF. These tokens are supported by Backed Finance, a Swiss-based entity, and are directly collateralized with the corresponding underlying assets. In practice:If the real stock is priced at $200, the xStock token will hold the same value.Investors will be able to redeem these tokens for cash.The main advantage of xStocks is their continuous trading feature—they can be traded even when traditional stock markets are closed. This provides significant flexibility for investors across different continents.Available Everywhere Except the U.S. (For Now)Kraken will initially launch xStocks in Europe, Asia, Africa, and Latin America. Due to regulatory barriers, U.S. users will not have access to these services for now. However, the company emphasizes that it is in active discussions with global regulatory bodies to ensure compliance in the long term.With this approach, Kraken aims to overcome the legal challenges faced by similar tokenized stock projects in the past.24/7 Stock Trading: What Does It Mean?Kraken’s initiative could change the rules of the game not just for crypto enthusiasts, but also for stock market investors. With xStocks, users can:Trade outside of regular market hours,Buy and sell without being tied to the traditional exchange system,Hold shares like Apple or Tesla directly in their digital wallets.Thanks to potential integration with DeFi applications, these tokens may also be used as collateral for borrowing or to generate passive income, enabling new financial scenarios.A New Era in the Global Financial SystemKraken’s tokenized stock initiative further blurs the line between crypto and traditional finance. The partnership with Backed Finance provides confidence by ensuring each token is backed by a real-world asset. The use of Solana blockchain guarantees low transaction fees and high speed.In the future, xStocks may also support cross-chain compatibility with Ethereum or other networks. This would expand both the accessibility and usability of the product even further.
FIFA Is Building Its Own Blockchain Network: The Digital Future of Football Is on Avalanche
FIFA has taken a significant step to expand its presence in the digital world. The organization announced that it will establish its own dedicated blockchain network built on the Avalanche infrastructure. This network will be called “FIFA Blockchain” and is specifically designed to bring fan engagement into the digital space.Why Avalanche?Behind FIFA’s choice lies Avalanche’s technical advantages—its speed, scalability, and low transaction costs. Moreover, the technology allows the creation of custom subnets, enabling institutions like FIFA to operate on a blockchain where they can set their own rules.Thanks to this new network, fans will be able to access digital collectibles, interact through NFTs, and perhaps even participate in gamified systems in the future. This isn’t just a technological update—it’s a transformation that could completely change how football fans experience the game digitally.The Algorand Era Is Over, A New Phase BeginsFIFA is no stranger to the Web3 world. In 2022, it introduced its first NFT collections through a partnership with Algorand. However, this collaboration ended in 2024. Since then, FIFA has decided to move forward with Avalanche. The former NFT platform, “FIFA Collect,” will now be restructured on the Avalanche network.This transition shows that FIFA is moving beyond NFTs, aiming to build a broader digital strategy.Who’s Behind the Project?The technical infrastructure is being developed by Modex, a team experienced in Web3 projects. The project is coordinated with support from Ava Labs, the developer of Avalanche. According to the announcement, the network will not just serve as an NFT platform. The goal is to offer fans a faster, more secure, and highly interactive digital environment.From Spectators to ParticipantsWith this move, FIFA aims to transform fans from mere spectators into active participants who own and interact with digital content. NFT-based memorabilia, digital product trading, interactive games—these are all now on FIFA’s agenda.Not all the projects have been revealed yet, but the infrastructure is ready to build upon this ambitious vision.Final WordFIFA’s collaboration with Avalanche marks a new chapter in the use of blockchain technology in the sports world. This is not just a tech choice—it’s a powerful step toward the digital future of football.If a global giant like football is moving in this direction, it’s inevitable that other sports organizations will follow. In the near future, the “digital playing field” may become much more crowded.
Daily Market Summary with JrKripto 22 May 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 general market conditions together and review the latest insights.Bitcoin (BTC) is currently trading at $110,600. The long-term uptrend that began at $75,930 gained momentum after breaking through the $101,059 and $104,000 resistance levels, and as of today, BTC has reached $111,880, setting a new all-time high (ATH). The slight pullback following this new peak can be seen as a natural profit-taking movement. If the upward momentum continues, potential resistance levels to watch are $114,500 and $118,300. In downward corrections, the first support is at $108,000; below that, $104,629 and $101,059 stand out as key support zones. Maintaining stability above $108,000 is critical for BTC to sustain its bullish trend.Ethereum (ETH) is currently trading at $2,665. The strong rally from $1,486 has accelerated with the breakout of the $2,453 and $2,595 resistance levels. With current pricing, ETH’s next potential targets are $2,800 and $2,981. In possible correction scenarios, the first support level will be $2,595. If this level breaks, $2,453 and $2,095 are the next support areas to watch. To maintain upward momentum, ETH needs to hold above $2,595.Crypto NewsBinance to list World Liberty Financial USD (USD1)Senator Cynthia Lummis said Americans are ready to update U.S. gold reserves with BitcoinSEC approved in-kind redemptions for BlackRock's Spot Ethereum ETFThe Texas House of Representatives officially passed the Strategic Bitcoin Reserve Act SB21WLD raised $135 million from Andreessen Horowitz and Bain Capital Crypto to fund network expansionBitcoin breaks its all-time high with a new recordTether minted $2 billion USDTTop Gainers:SPX → Up 25.1%, now at $0.92172304DOG → Up 24.8%, now at $0.00452217FARTCOIN → Up 21.0%, now at $1.56WIF → Up 20.6%, now at $1.16POPCAT → Up 19.8%, now at $0.53627774Top Losers:OM → Down 3.2%, now at $0.4199871KAITO → Down 2.3%, now at $2.10FRAX → Down 1.8%, now at $3.65DEXE → Down 1.1%, now at $12.61BTSE → Down 0.5%, now at $1.51Fear & Greed Index:Bitcoin: 71 (Greed)Ethereum: 60 (Greed)Dominance:Bitcoin: 64.21% ▼ 0.13%Ethereum: 9.16% ▲ 0.81%Daily Total Net ETF InflowsBTC ETFs: $607.10 millionETH ETFs: $1 millionGlobal MarketsConcerns over tax cuts in the U.S. and the resulting budget deficit led to weak demand in the bond market and selling pressure in equity markets. Particularly, the weak demand for the 20-year U.S. Treasury auction caused a sharp increase in yields. While these budget concerns create short-term pressure, a potential corporate tax cut in the future could support U.S. equities.U.S. stock indexes started the day lower, attempted to recover during the session, but fell again after the Treasury auction and ended the day with losses. The 20-year bond yield came in at 5.04%. The 2-year yield rose by 5 basis points, climbing above 4.00%, while 10- and 20-year yields rose by 11 basis points.As a result:S&P 500 fell 1.61%Dow Jones fell 1.91%Nasdaq fell 1.41%10 of the 11 major sectors in the S&P 500 closed negative. The only sector in the green was telecommunications, with a 0.67% gain. The steepest losses were in real estate (-2.63%), healthcare (-2.37%), financials (-2.05%), and infrastructure (-1.91%).Today’s economic data includes:S&P Global PMIHome sales data10-year TIPS (inflation-indexed bonds) auctionU.S. index futures are showing a flat trend in early hours, while European futures and Asian markets display a selling bias. European markets are also expected to start the day weak.Top Companies and Stock PricesMicrosoft (MSFT) → $3.36T market cap, stock price $452.57, ▼ 1.22%NVIDIA (NVDA) → $3.21T market cap, stock price $131.80, ▼ 1.92%Apple (AAPL) → $3.02T market cap, stock price $202.09, ▼ 2.31%Amazon (AMZN) → $2.14T market cap, stock price $201.12, ▼ 1.45%Alphabet (GOOG) → $2.05T market cap, stock price $170.06, ▲ 2.87%Borsa IstanbulThe BIST 100 index failed to break through the 9750–9800 resistance range for four consecutive days last week and fell slightly below 9400 amid continued capital outflows. Short-term indicators show weakening momentum, and the weak outlook in global markets is adding pressure on BIST.In this context, the 9200–9250 range is the first key support zone. On the upside, 9500 is the critical resistance.Following weak Q1 2025 earnings, analysts revised their BIST 100 target price downward. The new 12-month target average is around 13,800, implying a 47% potential return. However, the lack of strong catalysts to realize this potential reinforces the view that “a stock market that can’t rise, falls,” bringing the 9000–9100 zone back into focus.Today, attention in Türkiye is on the CBRT’s second Inflation Report of the year. In February, the central bank raised its 2025 year-end inflation forecast from 21% to 24%, while maintaining the 2026 forecast at 12%. The report will be released at 10:30 AM. Key data releases today also include:Manufacturing capacity utilization rateReal sector confidence indexSectoral confidence indicesMeanwhile, the Treasury has authorized Bank of America, BNP Paribas, HSBC, and Morgan Stanley for a new 2032 dollar-denominated bond issuance abroad. According to Bloomberg, the issue totals $2 billion with a yield of 7.45%. This brings the total international issuance for the year to $4.5 billion.Yesterday, the BIST 100 dropped for the second day in a row, closing down 1.2% at 9398 points. It is still up 3.5% for the month but down 4.4% year-to-date. Energy and REIT stocks slightly outperformed, while Turkish Airlines, Pegasus, Koç Holding, and Ereğli weighed on the index. Retail stocks also saw continued selling pressure.Technically, the close below 9475 signals continued weakness. Immediate support levels are at 9331–9233, with stronger support at 9148–9044. If the downward move persists, 8984 will be the next level to watch. On the upside, a close above 9475 is needed for recovery. Key resistance levels are:9475, 9740–9760, 9895, and 9953.A stabilization attempt may be seen today after two days of decline.Top Companies by Market Cap on Borsa IstanbulQNB Finansbank (QNBTR) → ₺893.61B market cap, ₺265.00 per share, ▼ 0.66%Aselsan (ASELS) → ₺606.48B market cap, ₺131.60 per share, ▼ 1.05%Garanti Bank (GARAN) → ₺467.04B market cap, ₺113.50 per share, ▲ 2.07%Turkish Airlines (THYAO) → ₺386.06B market cap, ₺280.25 per share, ▲ 0.18%Koç Holding (KCHOL) → ₺383.93B market cap, ₺150.50 per share, ▼ 0.59%Precious Metals & Exchange RatesGold: ₺4172Silver: ₺41.52Platinum: ₺1337USD/TRY: ₺38.83EUR/TRY: ₺44.04See you again tomorrow with the latest updates!
