The largest cryptocurrency, Bitcoin (BTC), reached a new record against the Turkish lira on October 24th. BTC/TRY reached its all-time high by surpassing the 1 million threshold on the domestic cryptocurrency exchange BtcTurk at 17:15.
BTC Sets a New Record Against the Turkish Lira by Surpassing 1 Million
Bitcoin rallied with the expectation that a spot Bitcoin ETF in the US would receive approval from the Securities and Exchange Commission (SEC) and would soon be open for trading. BTC/USD had already surpassed the 35,000 level on October 24th at 02:00. This rise in Bitcoin against the US dollar propelled the largest cryptocurrency to break records against the Turkish lira.
BTC/TRY reached a new record level of 1,019,860 on BtcTurk on October 24th at 17:15. Previously, the highest level in BTC/TRY was recorded on December 20, 2021, at 851,000.
Although BTC/TRY has slightly retreated from its latest record at the time of writing this article, it is still close to the record level at 965,260.
Excitement About Bitcoin and Altcoin ETFs
Bitcoin has risen over 20% in the past 7 days due to speculation that the Securities and Exchange Commission (SEC) will soon approve a Bitcoin exchange-traded fund (ETF). Bitcoin’s price increase has revitalized the entire cryptocurrency market. Ethereum, the king of altcoins, approached $1,800, while many altcoins such as Chainlink (LINK) and Solana (SOL) reached their highest levels in months.
At this point, the world’s largest asset management company, BlackRock, stands out as the ETF issuer expected to receive approval from the SEC. As you may know, BlackRock applied to the SEC in June of this year for the iShares spot Bitcoin ETF through its subsidiary, iShares Bitcoin Trust. According to the application made to the US federal regulatory body, Coinbase, the largest cryptocurrency exchange in the US, will be the custodian of the funds. If the ETF is approved, it will be traded on Nasdaq.
