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Bitcoin Under Pressure

Bitcoin fell 3% on Friday, giving up gains from the Asia session, as its recovery from this week’s plunge shows signs of faltering. 

Bitcoin fell to $39,262 on the Bitstamp exchange. That is roughly 30% above its Wednesday low, but just below its 200-day moving average. Rival cryptocurrency ether also came under pressure on Friday, falling 2% to $2,714. 

Ether is down 24% for the week and bitcoin down 15%. 

We have seen dramatic swings this week due to the cryptocurrency volatility.  China warned about the usefulness of digital currencies, which subsequently prompted a tweet by Tesla founder Elon Musk indicating that his electric vehicle firm was continuing to hold Bitcoin (it bought $1.5bn of it earlier this year) for the long term and would not be selling its position. 

The so-called ‘cryptocrash’ is creating a lot of noise but volatility in the cryptocurrency market should be treated in the same way as turbulence in any other market. 

Cryptocurrencies are here to stay and they have already changed the way the world handles money, makes transactions, does business, and manages assets. 

In other news, UK retail sales surged 9.2% in April.  UK households flooded back to the shop in mid-April and could mean the UK recovery will be faster than thought. 

Gold prices steadied on Friday and were on track for a third straight weekly gain, as a weaker U.S. dollar and growing inflationary pressure boosted demand for the safe-haven metal. 

Spot gold was little changed at $1,874.60 per ounce by 0710 GMT+2 and has risen 1.8% so far this week. U.S. gold futures fell 0.3% to $1,876.10. 

Elsewhere, palladium fell 0.4% to $2,841.89 per ounce, silver eased 0.4% to $27.64. Platinum gained 0.2% to $1,197.97 but was on track for its second straight weekly fall. 

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