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 to be released in the United States.
Another factor that could weigh on Bitcoin is the potential sale by the U.S. government of nearly 69,000 bitcoins â worth about $4.2 billion â that were seized from the Silk Road marketplace. The U.S. Supreme Courtâs recent decision to refuse to hear an appeal paved the way for this.
Market watchers are now focusing on four key factors that could affect bitcoin prices: the U.S. election, central bank monetary policy, the U.S. economy and sales of bitcoins seized by the U.S. government in the Silk Road case.
