While altcoins also recovered under the leadership of Bitcoin (BTC), BGB, the native token of popular cryptocurrency exchange Bitget, experienced a major decline.
Bitget’s BGB token saw a steep decline around 02:58 UTC on October 7, dropping from $1.15 to $0.5344 in just five minutes.
Bitget has released an official announcement regarding the abnormal price drop of BGB. Bitget stated that the price of BGB experienced a significant fluctuation in a short period of 10 minutes and the market quickly stabilized.
Bitget stated that it will fully compensate for any asset losses incurred and will provide a compensation plan within 24 hours to complete compensation within 72 hours.
“The BGB price experienced unexpected fluctuations today due to market conditions, but the price quickly stabilized.
Bitget will fully compensate for any asset loss and provide a compensation plan within 24 hours and complete the compensation process within 72 hours.
Bitget always prioritizes user asset security, and we will continue to optimize margin position levels, risk management measures, and liquidation mechanisms to provide a safer and more stable trading environment for you.
We apologize for any inconvenience.”
While the exact reason for this collapse in BGB price is unknown, BGB continues to be traded at $1.08.
*This is not investment advice.