Gold Shines as Bitcoin Slumps to One-Week Low

Bitcoin's price dropped to a one-week low on Tuesday as investors turned their attention to gold. The precious metal reached its highest level since June 5, with prices hitting $4,435 per ounce.

Data from TradingView showed that Bitcoin abandoned a short-term rebound and fell below $64,000, down 1.5% on Monday due to concerns over the US-Iran war and oil price surges.

New data revealed increasing demand for safe-haven gold, with retail investors piling into gold ETFs, including NYSE ARCA-traded SPDR Gold Shares (GLD), which attracted daily inflows of $50 million on August 5.

The Bitcoin-gold correlation remains in place, with CryptoQuant data showing that the positive correlation is back to 'digital-gold-era levels.'