If bitcoin has taught me anything is that good news don't necessarily correlate with price increase.
"Buy the rumor, sell the news".
Well said!
Also people tend to forget that Bakkt news were used (or attempted) for pumping the price, almost nobody seems to be impressed anymore.
Bakkt is quite overrated honestly. Not surprised it went this way.
Why suddenly judge? price fall, that's normal, we've seen this big fall even before Bakkt so we can't blame that to Bakkt launch.
The thing is, most of the investors always think of the short term, that's why they easily panic without realizing the norms in the market that it's volatile and pump and dump are happening, so calm down and relax, price will again correct and we will be seeing it again at $10K.
Whenever there is drop in the price it gets related to something. This time this is being related with the Bakkt launch. Everytime the price drops there won't be any prior indication, it all happens suddenly and further on there will be more analysis on the same. This makes people to relate it to the events scheduled close to the drop.
Week ago when there is drop in price, it was predicted if the resistance level of $9500 gets broken we'll see the price falling low to $8000. By that time the price reached $9500 and bounced back reaching $10200 in a short time. This time that prediction has come true, the price first dropped to $9500, further it has fallen to $8500 very soon.