Bitcoin rises to 1 million TL

Following the Fed chair's remarks, Bitcoin has reached a 17-month high, climbing to 1 million TL.

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As Bitcoin climbed to a 17-month high of 35,900 dollars, the value of 1 Bitcoin reached 1 million TL for the first time, driven by the dollar/TL exchange rate climbing above 28.30.

Bitcoin rose to its highest level in more than 17 months amid hopes that the Fed has finished its interest rate hikes and expectations that the Securities and Exchange Commission (SEC) will approve spot Bitcoin exchange-traded funds.

The largest digital token, Bitcoin, showed a 4 percent increase in the last 24 hours and was trading at 35,840 dollars as of 10:53 a.m. in Singapore on Thursday. Some smaller cryptocurrencies also began to climb, including the SOL token of the Solana network, which has reached 42 dollars with a 142 percent increase since mid-September.

Bitcoin has more than doubled in value this year, fueled by expectations that the SEC could approve applications from companies like BlackRock Inc. to launch the first ETFs that will invest directly in Bitcoin.

Michael Safai, a partner at Dexterity Capital LLC, said, "Resistance has tightened around 35,000 dollars, but there is enough sustained momentum to make some runs toward 37,000 dollars around the ETF news."