BTC Open Interest Dominance Spikes; BlackRock Launches Crypto-Exposed ETF
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The broader crypto market seems to be recovering well on Wednesday. BTC initiated a recovery wave after reaching a local bottom near the $37.5k level, and has, as of the time of writing, managed to stabilize above the $39k handle after rising by 2.5% in the last 24 hours. Currently, the largest cryptocurrency by market cap is faced with multiple hurdles within the $39.6k to $40k zone. If said resistance levels are cleared, BTC will likely see a rally. However, and against the backdrop of the U.S. Federal Reserve's hawkish monetary policy as well as deteriorating macroeconomic conditions, some analysts are questioning if the current recovery wave is truly sustainable.