Bitcoin Slumps Below $64,000 as Gold Soars Amidst Growing Uncertainty

Bitcoin has fallen below $64,000 ahead of the release of the U.S. consumer price index (CPI) on August 12.

The price drop follows a week-long trend of decline, with Bitcoin's lowest level in a week reached on August 11.

At the same time, gold prices rose to a nine-week high, reaching $4,435 an ounce, its highest level since June 5.

This increase in gold demand is attributed to investors' preference for safe-haven assets amidst growing uncertainty, with international oil prices surging 5 percent and U.S. stocks moving sideways.

The correlation between Bitcoin and gold has returned to levels seen during the 'digital-gold-era', according to Ki Young Ju, CEO of CryptoQuant.