Amid global financial uncertainty and weak demand for US Treasury's 20-year bond auction, Bitcoin surged to an all-time high of $111,544, reflecting increased interest in alternative assets. Factors such as softer US inflation, eased US-China trade tensions, and a downgrade of US sovereign debt by Moody's also contributed to the rally. On-chain data shows a rise in Bitcoin's realised market cap by $27 billion in May and a drop in exchange inflows by 82% since November.
Amid global financial uncertainty and weak demand for US Treasury's 20-year bond auction, Bitcoin surged to an all-time high of $111,544, reflecting increased interest in alternative assets. Factors such as softer US inflation, eased US-China trade tensions, and a downgrade of US sovereign debt by Moody's also contributed to the rally. On-chain data shows a rise in Bitcoin's realised market cap by $27 billion in May and a drop in exchange inflows by 82% since November.