GSR analyst: The Fluctuation of BTC price is mainly driven by emotions, rather than fundamentals

On October 12th, GSR analysts stated that the unpredictable price fluctuation of BTC is primarily driven by emotions rather than fundamental factors. The monetary policies of the Federal Reserve and the Central Bank of Japan are worth following, as are the upcoming economic and market information data to be released by the United States. The U.S. is moving towards a soft landing, which GSR believes is a positive catalyst for cryptocurrency. Another potential pressure on BTC could come from the U.S. government's possible sale of nearly 69,000 BTC - worth about $4.2 billion - seized from the Silk Road market. The recent decision by the U.S. Supreme Court to refuse appeals paves the way for this. GSR analyst Brian Rudick warned investors not to overlook the potential impact. 'This may create some downward pressure on the market,' Rudick said. Market observers are now following four key factors that may affect the price of BTC: the U.S. presidential election, the monetary policy of various central banks, the U.S. economy, and the sale of BTC confiscated by the U.S. government in the Silk Road case. (DL News)