The bids and offers made in the market set the price, just like all currencies. Right now the market is too small to be stable like most currencies (not enough

The bids and offers made in the market set the price, just like all currencies. Right now the market is too small to be stable like most currencies (not enough inertia, too many events if large relative significance, not enough arbitrageurs), but the wild swings you see are not due to the free will whims of the exchange managers, they're due to the market's youth and size.