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Bitcoin breaks $55,000, hits 17-day high

Michael McCrae

Kitco News

Bitcoin hit a 17-day high of $55,719 just after 8 p.m. ET today before falling back.

Bitcoin's all-time high was Feb. 21 when it crested $58,000.

Gold opened strong but then slid lower. After hitting a 10-month low on Monday, April gold futures started the day at $1,714 but then gave up ground. Last trade was at $1,709.

Kitco contributor Gary Wagner said gold is under pressure.

"Recent gains in U.S. fixed income bonds and notes when coupled with a stronger U.S. dollar, a rising U.S. equities markets, and lastly, the strong gains in Bitcoin, have created a shift in market sentiment away from gold and into the above-mentioned investment vehicles. Gold will remain under pressure until there is a shift in market sentiment for one or more of these vehicles," writes Wagner.

U.S. stock indexes are sharply up at midday with bond market yields are on the retreat, which has at least temporarily boosted trader and investor risk appetite, noted Jim Wyckoff. The yield on the U.S. Treasury 10-year note was fetching 1.54% today.

By Michael McCrae

For Kitco News

Contact mmccrae@kitco.com
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.