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Bitget Token Tumbles 52% on 'Market Sluggishness,' Exchange Says, While Promising Compensation
The BGB token slumped to as low as $0.54 before recovering.
Updated Oct 7, 2024, 2:45 p.m. Published Oct 7, 2024, 2:42 p.m.
- Crypto exchange Bitget pledged to compensate holders of its native Bitget Token who suffered losses during a flash crash on Monday.
- The BGB token slid to as low as $0.54 from $1.14 in 15 minutes at around 02:30 UTC.
Crypto exchange Bitget promised to compensate holders of its native for losses suffered during a slump of as much as 52% on Monday.
BGB plummeted to as low as $0.54 from $1.14 in 15 minutes at around 02:30 UTC, data on TradingView show. It rebounded to $1.04 and was recently trading around $1.06.
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Flash crashes aren’t unusual in cryptocurrencies, although it is often difficult to explain why many holders of an asset suddenly decide they want to sell. In BGB's case, the catalyst was likely “overall market sluggishness” stemming from holidays and Golden Week in Asia, among other factors, said Ryan Lee, chief analyst at Bitget Research, in an email.
Holders who suffered losses as result of the plunge will be repaid fully, Bitget said in a statement on X. It pledged to provide a compensation plan within 24 hours and that repayments would process within 72 hours.
$BGB experienced unexpected volatility today due to market conditions, but the price has quickly stabilized.#Bitget will fully compensate for any asset losses, and will provide a compensation plan within 24 hours, completing the compensation process within 72 hours. Bitget… pic.twitter.com/KJD2MLO9J6
— Bitget (@bitgetglobal) October 7, 2024
“Occasional price dips are expected in any asset ... Despite this brief downturn, BGB has quickly stabilized, proving its resilience and the confidence our community has in its long-term potential,” Lee wrote.
In an earlier crypto flash crash, OKX’s native token plunged by more than 50% in just three minutes after a series of liquidations.
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