Analysis: Positive news from Wall Street couldn't overcome macroeconomic pressures; BTC surged to $74,000 before retreating.

CoinFeed reported on March 7th that, according to CoinDesk, despite several positive developments for the crypto industry this week, such as Morgan Stanley selecting BNY Mellon as the custodian for its spot Bitcoin ETF exposure, Kraken gaining access to the Federal Reserve's payment system, and OKX receiving investment from ICE at a valuation of $25 billion, Bitcoin, after briefly approaching $74,000, fell back below $69,000, resulting in a loss of approximately $110 billion in market capitalization. Market analysts believe that macroeconomic factors such as a stronger dollar, rising oil prices, and changes in interest rate expectations are suppressing the performance of risk assets, preventing the crypto market from sustaining its upward trend.