According to U.Today, Gabor Gurbacs, Tether’s strategic advisor, has shared his perspective on what could drive Bitcoin's next significant rally. Gurbacs suggests that the expansion of the credit market, particularly loans taken in Bitcoin from financial institutions by large TradeFi shops or big players, is likely to fuel the next Bitcoin rally. Despite many traders still not being accustomed to lending or borrowing Bitcoin, Gurbacs notes that a substantial Bitcoin credit market has already been established by spot Bitcoin ETFs, and this market is growing rapidly.
"Bitcoin-based credit markets are expanding. It’ll fuel the next rally," Gurbacs stated. He also commented on the recent U.S. government money printing policy, which resulted in more than $6 trillion being printed.
In other news, Bitcoin experienced a significant decline today, falling by almost 4%. Bitcoin dropped from the $61,900 area and hit $59,690. However, it has since staged a small recovery, regaining the $60,000 zone. This fall in Bitcoin was a reaction to the release of the U.S. unemployment report, which negatively exceeded analysts' expectations. 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 was 238,000, exceeding the forecast of 235,000, with the previous value standing at 233,000. This metric has been increasing for the ninth consecutive week, marking the longest period in the past five years.
