Bitget Breaks Silence As BGB Price Crashes Over 50%, Offers Users Compensation

In a riveting turn of events, crypto exchange Bitget’s native token BGB on Monday witnessed a phenomenal price flux, raising concerns among market participants globally. Intriguingly, the native token’s price crashed over 50% in the past 24 hours, thereafter embarking on a recovery trajectory. This phenomenon has raised eyebrows among crypto traders and investors globally, whilst the exchange recently uncloaked the reason behind the price flux.

Bitget Offers Insights Into BGB Price Flux

In an official X post by the crypto exchange dated October 7, Bitget announced that the unexpected volatility was primarily due to market conditions. Besides, the exchange notified users that the native token’s price has now stabilized. Additionally, Bitget also revealed that it “will fully compensate for any asset losses.” A compensation plan is expected to be rolled out within the next 24 hours. Further, the compensation process is expected to be completed within the next 72 hours, the crypto exchange added in its post.

BGB price chart indicated that the token suddenly plunged from a $1.12 level to as low as the $0.53 level in the early hours of October 7, marking a decline of over 50%. However, the token subsequently gained an upward trajectory, offering users and market participants relief. “We apologize for any inconvenience caused,” the exchange concluded.

Token Price Action

At press time, BGB price chart showcased a 0.69% uptick in value and is currently trading at $1.07. The coin’s intraday low and high were recorded as $0.53 and $1.19, respectively, per TradingView data. Despite the significant price flux, the token’s intraday trading volume jumped 59% as of writing to $77.95 million. With Bitget offering clarity on the remarkable price flux, market sentiments surrounding its native token have also remained relatively calm.

Simultaneously, Coinglass data indicated that BGB futures OI jumped 22.97% over the past day to $54.34 million. Moreover, the derivatives volume surged 165.90% to $27.67 million, underscoring increased investor interest in the asset despite the significant price turbulence. Crypto market participants continue to extensively eye the token for future price action shifts as market trends unfold.

Meanwhile, the exchange continues to enhance user appeal with offerings, as in the one mentioned above, bolstering trading decisions despite market volatility. CoinGape Media reported earlier this year that Bitget offered $5 million to support crypto content creation. Altogether, the exchange continues making strides alongside key players in the industry.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.