Bitcoin has managed to lose over 20% since the start of this week, coinciding with the launch of Bakkt’s physically settled futures contracts. The price fell from around $10,000 to $9,600, followed by another sharp decline bringing it under $8,000.
Multiple theories have been put forward to explain the drop, ranging from the lackluster performance of Bakkt’s contracts to an unexplained drop in mining hash rate and market manipulation ahead of CME futures expiry.
Whatever it was that caused the drop also triggered h...