GSR analyst: If the US government sells the Bitcoin confiscated by Silk Road, it may bring downward pressure to the market

Odaily News GSR analysts pointed out that Bitcoin's unpredictable price fluctuations are still mainly driven by market sentiment 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 may put pressure on Bitcoin is the possible sale of nearly 69,000 bitcoins (worth about $4.2 billion) by the US government, which were seized from the Silk Road market. GSR analyst Brian Rudick warned investors not to ignore the potential impact. "This may put some downward pressure on the market." In addition, market observers are now focusing on four key factors that may affect Bitcoin prices, namely: the US election, the monetary policies of central banks of various countries, the US economy, and the possible sale of bitcoins confiscated in the Silk Road case by the US government. (DL News)