  Much significant research has been done to investigate various facets of the
link between Bitcoin price and its fundamental sources. This study goes beyond
by looking into least to most influential factors-across the fundamental,
macroeconomic, financial, speculative and technical determinants as well as the
2016 events-which drove the value of Bitcoin in times of economic and
geopolitical chaos. We use a Bayesian quantile regression to inspect how the
structure of dependence of Bitcoin price and its determinants varies across the
entire conditional distribution of Bitcoin price movements. In doing so, three
groups of determinants were derived. The use of Bitcoin in trade and the
uncertainty surrounding China's deepening slowdown, Brexit and India's
demonetization were found to be the most potential contributors of Bitcoin
price when the market is improving. The intense anxiety over Donald Trump being
the president of United States was shown to be a positive determinant pushing
up the price of Bitcoin when the market is functioning around the normal mode.
The velocity of bitcoins in circulation, the gold price, the Venezuelan
currency demonetization and the hash rate were found to be the fundamentals
influencing the Bitcoin price when the market is heading into decline.
