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Since the digital asset fell over $500 in the early hours of September 19, down to $9,570, Bitcoin rose by 5% in just 6 hours, up $900.
After breaking above the psychological $10,000 price, and reaching a high of $10,450 last night, the dominant cryptocurrency has consolidated a bit, currently sitting around $10,190.
There have been three main pieces of news for Bitcoin this week that may have affected its price.
First, VanECK and SolidX pulled the plug on their Bitcoin ETF application, which, if approved, would have provided a secure way for institutional investors to get stuck into the Bitcoin market. Although, it was widely expected that the SEC would refuse the application anyway.
Second, Bakkt's imminent launch of its much-awaited Bitcoin futures offering, which will similarly be targeted at institutional investors. The firm has a green light from the CFTC, as well as approval for Bitcoin custodian services by the NYDFS (insured up to the value of $125 million). Both Fundstrat Global Advisor Tom Lee and Bitcoin bull John McAfee have tweeted their support for its launch.
Third, derivatives marketplace CME has announced it will expand its Bitcoin futures offering to include "options trading," a more conservative way of trading that's similar to futures trading. This shows that it sees enough demand to increase its offering.
With a mixed basket of news, it's not surprising that Bitcoin's price is fluctuating. But will Bakkt send it on its way?