The price of Bitcoin recovered today after falling following the launch of new futures contracts tied to the cryptocurrency.

Chicago’s CME, the world’s largest exchange provider, launched its Bitcoin futures market last night, following those of its rival Cboe last week.

But the currency's value on the Coinbase exchange fell from $19,375 at midnight UK time to around $18,400 in the early morning, before bouncing back to around $19,200 at lunchtime.

Some have suggested the new derivatives, which make it easier for big institutional investors to bet on the price of Bitcoin, would lend an air of legitimacy to the controversial digital currency.

After a positive start on CME - with traders betting a Bitcoin could be worth as much as $20,865 by January - investors' enthusiasm waned. At lunchtime they were forecasting a Bitcoin will be worth around $19,795 next month.