GSR Analyst: U.S. Government May Put Downward Pressure on Market if It Sells Bitcoin Confiscated from Silk Road

GSR analysts note that Bitcoin's unpredictable price volatility continues to be driven primarily by market sentiment rather than fundamentals. Monetary policy from the Federal Reserve and the Bank of Japan is worth watching, as is upcoming economic data or market information data from the U.S. The U.S. is moving towards a moderate landing, which GSR sees as a positive catalyst for the cryptocurrency. 
Another factor that could put pressure on Bitcoin is the potential sale of nearly 69,000 Bitcoins (worth around $4.2bn) by the US government that were seized from the Silk Road market.
GSR analyst Brian Rudick warned investors not to ignore the potential impact. ‘This could put some downward pressure on the market,’ in addition market watchers are now focusing on four key factors that could impact the price of bitcoin: the US election, central bank monetary policy, the US economy, and the potential sale of bitcoins confiscated by the US government in the Silk Road case. (DL News)