Tether’s strategic advisor Gabor Gurbacs has taken to his account on the popular X social media platform to share his take on what is likely to power Bitcoin’s next large rally.
Gurbacs reveals next likely Bitcoin rally fuel
Tether’s advisor tweeted that it is the expansion of the credit market that is likely to fuel the next big Bitcoin rally. He was referring to loans taken in Bitcoin from financial institutions, particularly by big TradeFi shops or TradeFi big players.
Gurbacs notes that while many traders may still be not used to lending Bitcoin or borrowing BTC, a large BTC credit market has already been formed by spot Bitcoin ETFs, and this market is expanding fast. “Bitcoin-based credit markets are expanding. It’ll fuel the next rally,” the expert pointed out.
The next large Bitcoin rally will be fueled by credit market expansion. While many may not be comfortable with lending or borrowing Bitcoin, ETFs have inadvertently created a large and expanding institutional BTC credit market that grows with every new trade. https://t.co/W5Dn9Sep6E
— Gabor Gurbacs (@gaborgurbacs) July 3, 2024
Today, in a tweet, Gabor Gurbacs also commented on the recent U.S. government money printing policy, which resulted in more than $6 trillion printed out of thin air.
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Bitcoin briefly goes under $60,000
Today, the global flagship cryptocurrency demonstrated a substantial decline, falling by almost 4%. Thus, Bitcoin plummeted from the $61,900 area and hit $59,690. By now, however, BTC has staged a small recovery, regaining the $60,000 zone.
This BTC fall was a reaction to the release of the U.S. unemployment report, which exceeded the expectations of analysts negatively. According to it, in June, 1.858 million Americans sought unemployment versus the predicted figure of 1.84 million.
The number of initial unemployment claims at the end of June comprised 238,000, exceeding 235,000, which was forecast with the previous value standing at 233,000. This metric has been surging for the ninth consecutive week, making it the longest period in the past five years.