Bitcoin drops to one-week low as retail buys gold at highest prices since June
Bitcoin price action sank to one-week lows ahead of US CPI data, while retail investors piled into gold ETFs and XAU/USD hit its highest levels in nine weeks.
Bitcoin's price dropped to its lowest point in a week, occurring just before the release of US CPI data. This was accompanied by a surge in retail investors buying gold, with the XAU/USD pair reaching its highest level in nine weeks. On Tuesday, BTC/USD fell below $64,000, finishing 1.5% lower on Monday due to concerns about the US-Iran war and a recent stalemate over reopening the Strait of Hormuz oil route.
US stocks remained stagnant amid a 5% increase in oil prices. Retail investors were showing interest in precious metals, as GLD ETF saw $50 million in retail inflows on August 5, its highest single-day figure since mid-March. Overall, Bitcoin's correlation to gold on a 90-day rolling basis remained strong, indicating investors' continued preference for safe-haven assets.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
