As an analyst with a background in traditional finance and experience in following the cryptocurrency market closely, I find Gabor Gurbacs’ perspective on the next Bitcoin rally intriguing. His assertion that credit market expansion will drive the next significant price increase is supported by the growing adoption of Bitcoin as collateral for loans and other financial instruments, particularly through ETFs.
As a researcher following the cryptocurrency market, I’ve recently come across some insights from Tether’s strategic advisor, Gabor Gurbacs, who expressed his views on potential drivers for Bitcoin‘s upcoming significant price surge through his account on X social media platform.
Gurbacs reveals next likely Bitcoin rally fuel
An advisor for Tether commented on Twitter that the growth of the Bitcoin lending market could be the catalyst for the next significant price increase for Bitcoin. This expansion mainly involves large Traditional Finance entities and major players taking out loans using Bitcoin from financial institutions.
Expert Gurbacs highlights that although some traders might be unfamiliar with the concept of lending or borrowing Bitcoin, a significant Bitcoin credit market has already emerged through spot Bitcoin ETFs. He emphasizes that this market is rapidly growing and will likely contribute to the next surge in Bitcoin’s price. In simpler terms, “The Bitcoin credit market is expanding rapidly, fueling expectations for another price increase.”
The upcoming significant surge in Bitcoin’s price will primarily be driven by the expansion of credit markets. Although some people might feel uneasy about lending or borrowing Bitcoin, the emergence of a substantial and continuously expanding institutional Bitcoin credit market through ETFs has become an unintended consequence with each new transaction.
— Gabor Gurbacs (@gaborgurbacs) July 3, 2024
Recently, Gabor Gurbacs expressed his views on the US government’s monetary policy through a tweet. This policy has led to the creation of over $6 trillion in new money.
Bitcoin briefly goes under $60,000
Today, the leading cryptocurrency on a global scale experienced a significant drop, decreasing by approximately 4%. Consequently, Bitcoin dropped from around $61,900 and reached a low of $59,690. Currently, Bitcoin has made a slight comeback, returning to the $60,000 region.
The unexpectedly large number of Americans filing for unemployment in June, totaling 1.858 million instead of the anticipated 1.84 million, led to a significant drop in Bitcoin’s value.
As a crypto investor, I’ve noticed that the number of initial unemployment claims at the end of June came in at 238,000, which was higher than the forecasted figure of 233,000 based on the previous week’s value of 233,000. This metric has been increasing for nine consecutive weeks now, marking the longest streak in the past five years.
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2024-07-03 18:32