Bitcoin Slides as Retail Investors Flock to Gold Amid Inflation Concerns
Bitcoin's price dropped to a one-week low on Tuesday as investors turned their attention to gold, which reached a nine-week high of $4,435 per ounce.
The precious metal has seen increasing demand from retail investors, with data showing that the NYSE ARCA-traded SPDR Gold Shares (GLD) exchange-traded fund attracted daily retail inflows of $50 million on August 5, its highest single-day tally since mid-March.
Despite this, Bitcoin's price remained contained by a long-term trend line at $65,827, with some analysts predicting that the cryptocurrency may see a slight bounce upwards to $64,500 before continuing its downward trajectory.
The US Consumer Price Index (CPI) print for July is set to be released on Wednesday, which could potentially impact crypto markets.