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Bitcoin’s Next Big Rally Will Be Fueled By This: Gabor Gurbancs
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Tether Strategic Advisor Gabor Gurbach took to his account on the popular social media platform X to share his thoughts on what will likely fuel the next big Bitcoin rally.
Gurbancs Reveals Next Likely Fuel for Bitcoin Recovery
Tether’s advisor tweeted that it’s the expansion of the credit market that will likely fuel Bitcoin’s next big rally. He was referring to loans taken in Bitcoin by financial institutions, especially large TradeFi merchants or large TradeFi players.
Gurbacs notes that while many traders may not yet be accustomed to lending or borrowing Bitcoin, a large BTC credit market has already been formed by spot Bitcoin ETFs, and this market is expanding rapidly. “Bitcoin credit markets are expanding. This will fuel the next rally,” the expert noted.
Bitcoin’s next big rally will be fueled by the expansion of the credit market. While many may not feel comfortable lending or borrowing Bitcoin, ETFs have inadvertently created a large and growing institutional BTC credit market that grows with each new transaction. Italian: https://t.co/W5Dn9Sep6E
— Gabor Gurbacs (@gaborgurbacs) July 3, 2024
Today, in a tweet, Gabor Gurbacs also commented on the recent money printing policy of the US government, which has resulted in over $6 trillion being printed out of thin air.
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Bitcoin briefly drops below $60,000
Today, the world’s leading cryptocurrency has shown a substantial decline, dropping by almost 4%. Therefore, Bitcoin has crashed from the $61,900 area and reached $59,690. At this point, however, BTC staged a small recovery, retaking the $60,000 area.
This fall in BTC was a reaction to the release of the US Unemployment Reportwhich beat analysts’ expectations. According to the data, 1.858 million Americans filed for unemployment in June, compared to the expected figure of 1.84 million.
Initial jobless claims at the end of June were 238,000, exceeding the 235,000 that had been forecast with the previous value of 233,000. This metric is increasing for the ninth consecutive week, making it the longest period in the last five years.