Bitcoin Hits Record Weekly Close Above $106,500 Amid ETF Inflows and Inflation Concerns

Bitcoin has surged to its highest weekly close ever, reaching above $106,500, surpassing its previous record set in January. This milestone has been driven by heavy inflows into U.S. spot Bitcoin ETFs, with over $2.8 billion in net inflows in May and total assets exceeding $122 billion.

The rally in Bitcoin’s price has been supported by a weaker U.S. dollar following a credit rating downgrade by Moody’s. This, combined with stable interest rate expectations, has contributed to the cryptocurrency’s upward trajectory.

Inflation concerns have resurfaced as major retailers like Walmart have warned of impending price hikes due to tariffs on key imports. This backdrop has reinforced Bitcoin’s appeal as an inflation hedge, drawing investor interest back into risk assets like cryptocurrencies.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.