ANKARA

Bitcoin hit another 17-month high on Thursday, nearing $36,000 with growing hopes that the approval of exchange-traded funds (ETFs) holding the cryptocurrency will trigger demand and that the Federal Reserve has ended it cycle of rate hikes.

The world’s largest digital currency traded over $35,900, up more than 4% during early transactions.

The total value of the crypto market rose over 2% to around $1.3 trillion.

The Fed on Wednesday left its federal funds rate unchanged between the 5.25%-5.5% target range, meeting market forecasts.

The US Securities and Exchange Commission (SEC) is expected to approve ETFs for investments in Bitcoin.

The SEC said last week it will not appeal a court ruling overturning the agency’s initial rejection of Grayscale Investments' application to create a spot ETF for Bitcoin.