According to BlockBeats, on October 12, GSR analysts said that Bitcoin's unpredictable price fluctuations are mainly driven by emotions rather than fundamentals. The monetary policies of the Federal Reserve and the Bank of Japan are worth paying attention to, as are the economic data or market information data to be released in the United States. The United States is moving towards a mild landing, which GSR believes is a positive catalyst for cryptocurrencies.
Another factor that could weigh on Bitcoin is the potential sale by the U.S. government of nearly 69,000 Bitcoins — worth about $4.2 billion — that were seized from the Silk Road marketplace. The U.S. Supreme Court’s recent decision to refuse to hear an appeal paves the way for this. GSR analyst Brian Rudick warned investors not to ignore the potential impact. “This could put some downward pressure on the market,” Rudick said.
Market watchers are now focusing on four key factors that could affect bitcoin prices: the U.S. election, monetary policy of central banks, the U.S. economy and the sale of bitcoins seized by the U.S. government in the Silk Road case. (DL News)
