Market Volatility Rises as Crypto Regulation Advances

Tariffs and FED Agenda

• Yesterday, news that Donald Trump was preparing to dismiss US Federal Reserve Chairman Powell caused volatility in global markets. Later, in response to a question, President Trump said that he had no such plans.
• On the other hand, the US President said he would send letters to more than 150 countries regarding new tariffs. He underlined that these tax rates could be between 10 and 15 percent.
• In addition to these two topics, the FED’s interest rate cut course and the macro indicators of the world’s largest economy are closely monitored. Today, the data, the details of which you can see in the rest of our report, will be on the agenda of investors.
• In traditional markets, stocks fluctuated, especially with the news about Powell, while the dollar and bond yields also fluctuated.
• On the digital front, developments regarding regulations on crypto assets, especially in the US, remain on the agenda. The House of Representatives adopted a procedural motion to place cryptocurrency-related bills on the parliamentary agenda for formal debate.
• The two bills, GENIUS and CLARITY, could be brought to the floor for a final vote as early as today, while the Anti-CBDC bill will be attached to the National Defense Authorization Act (NDAA).
• Meanwhile, institutional investor interest in digital assets remains buoyant. Spot Bitcoin ETFs recorded inflows totaling $799.40 million on Wednesday and nearly $1.5 billion so far this week.
• However, while rallies in the largest cryptocurrency have given way to sideways price changes, gains on the altcoin front are noteworthy. While the total cryptocurrency market capitalization increased, Bitcoin’s dominance decreased.
• We think that we will continue to watch a market sensitive to news flows for the rest of the day. However, as the regulatory agenda continues to keep digital instruments on the agenda, we anticipate that the rises may continue with interim corrections.

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US Retail Sales Data: It is an important measure of consumer spending, which accounts for a large part of overall economic activity. It shows the change in the total value of retail-level sales and is published monthly, about 16 days after the end of the month. A separate measure of the change in the total value of retail-level sales excluding automobiles is called core retail sales. The retail sales data set is generally expected to have a positive impact on digital assets if it is below expectations.

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