Bitcoin Holds $15K as Negative-Yielding Debt Reaches Record $17tn

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A technically overbought Bitcoin is maintaining support above $15,000 against the backdrop of ballooning negative-yielding debt. The benchmark cryptocurrency almost hit $16,000 ahead of the New York closing bell Friday before turning lower for the weekend. It closed to touching the milestone level amid the US presidential election hype – and also as the Federal Reserve vowed to keep benchmark rates near-zero and continue its bond-purchasing program. Bonds worth $17.05 trillion now yields a return below zero, according to Bloomberg Barclays Global Negative Yielding Debt index. It means buyers agree to buy long-term debts that are sure to yield a loss if they hold them until expiry. That further means that the global bond market is hot regardless of massive borrowing by companies and governments as they attempt to bypass the economic fallout from the coronavirus pandemic. Bond Inflation Many agree that the central banks’ unprecedented asset-purchase programs have falsely…

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