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

Odaily Planet Daily News: GSR analysts pointed out that the unpredictable price fluctuations of Bitcoin are still mainly driven by market sentiment rather than fundamental factors. The monetary policies of the Federal Reserve and the Bank of Japan are worth paying attention to, as are the upcoming economic or market information data from the United States. The United States is moving towards a moderate landing, which GSR believes is a positive catalyst for cryptocurrency. Another factor that may put pressure on Bitcoin is that the US government may sell nearly 69000 bitcoins (worth approximately $4.2 billion) that were seized from the Silk Road market. GSR analyst Brian Rudick warns investors not to overlook the potential impact. This may cause some downward pressure on the market. In addition, market observers are now focusing on four key factors that may affect the price of Bitcoin, namely: the US election, central bank monetary policies, the US economy, and the possibility of the US government selling the confiscated Bitcoin in the Silk Road case. （DL News）