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After the statements made by the Federal Reserve Chairman, Bitcoin surpassed 1 million TL, reaching its highest level in 17 months. Thus, it set a historical record in terms of Dollar/TL.

As a result of the Federal Reserve not changing interest rates and Powell’s speech being received positively by crypto investors, Bitcoin broke its sideways position and reached its highest level in 17 months since October 24.

At the same time, Bitcoin also surpassed the $36,000 mark in the early hours of the day. The cryptocurrency fell to $35,300 in the morning hours after reaching its highest value of the year in 2023. Since the second half of October, Bitcoin, which has been on a downward trend, has returned to the region where price drops were observed in May 2022.

Effects of SEC Approval Expectations are Seen

Expectations regarding the approval of the spot Bitcoin ETF and speculation that the interest rate increase process may end following the Federal Reserve’s keeping interest rates constant for two consecutive months are contributing to the continuation of the cryptocurrency’s trend.

On the other hand, according to some technical indicators and evaluations of market experts, the crypto market may currently be in the first stage of a bull market.

Volatility in the Altcoin Market

Following the upward movement in the value of Bitcoin, significant increases were observed in altcoins. According to the data for the last 24 hours, Solana (SOL) experienced a 12% increase in value, reaching the $43 level. Polygon (MATIC), Cardano (ADA) increased by 6%.

The average transaction volume in the last day increased by 50%, reaching the level of $60 billion. At the same time, the total value of the crypto market also increased by 2.6%, reaching a size of $1.31 trillion.