Token

Gracy

Bitget Token

Percent

<ul class="wp-block-list">
 <li><strong>BGB price enters $1.06, after losing 50% in the last 24 hours.</strong></li>
 <li><strong>Officials have assured to compensate the affected assets.</strong></li>
</ul>
<p>The overall crypto market is moderately gaining as the prices are highly volatile. The largest cryptocurrencies, Bitcoin (BTC) and Ethereum (<a href="https://thenewscrypto.com/is-ethereum-poised-to-lead-a-bullish-rebound-amid-market-challenges/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) have spiked over 2% over the past 24 hours. Amid this, the Bitget Token (BGB) has experienced unexpected volatility and declined over 50%. However, the price has quickly stabilized.</p>
<p>Gracy Chen, CEO of <a href="https://thenewscrypto.com/bitget-exchange-surpasses-45-million-users-globally/" target="_blank" rel="noopener noreferrer nofollow">Bitget</a>, announced that the incident is under investigation, also assured the users to compensate for any asset losses, and will provide a compensation plan within 24 hours, completing the compensation process within 72 hours.&nbsp;</p>
<div align="center">
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">The incident is still under investigation, but I want to assure everyone affected that we will not let any Bitget users suffer losses. We will propose a compensation plan within 24 hours, and the compensation process will be completed within 72 hours. <br><br>We sincerely apologize… <a href="https://t.co/1TrJK48wq8" rel="noopener noreferrer nofollow">https://t.co/1TrJK48wq8</a></p>— Gracy Chen @Bitget (@GracyBitget) <a href="https://twitter.com/GracyBitget/status/1843166556395823450?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 7, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div>
<p>At press time, the BGB price recorded a loss of 0.19%. The asset fell from a peak of $1.14 to a low of $0.79. The reason behind the decline is unknown, and it left the traders anxious. Currently, BGB traded at $1.06, with its daily trading volume increasing by 55% to $77 million, as per CMC <a href="https://coinmarketcap.com/currencies/bitget-token-new/" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;</p>
<h3 class="wp-block-heading" id="h-what-s-ahead-for-bgb">What’s Ahead for BGB?&nbsp;</h3>
<p>BGB continued its upward momentum over the past month of 13.40% gain to the last seven days, which spiked over 2.28%. The asset slipped from $1.04 to a low of $0.96. Eventually, BGB climbed up to hit $1.07.&nbsp;</p>
<p>The technical chart of BGB displays the short-term 9-day and the long-term 21-day moving averages at $1.04 and $1.02, respectively, below the current price momentum. The asset is staying in the neutral zone, as the daily relative strength index (RSI) is positioned at 62.49.&nbsp;</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcrk_6DoYJOrXCNoa7DRcVZe6vpiH9X3fZ18m73Vrh_Oc44CIQY-SBeURnakub9KdpilFKN1PeFQcEmmXZ8qRUaQ3wsgrSyulOuuWtlkFxqQh8bXqZ7zare-ihE1jkzWZwyx5oI-HNq7iSIFUVb7JEWPeX6?key=X6De3Tr-U2czKhzKw4jFKQ" alt="">
  <figcaption class="wp-element-caption"><em>BGB price chart (Source: <a href="https://in.tradingview.com/symbols/BGBUST/?exchange=BITFINEX" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)</em>
  </figcaption>
 </figure>
</div>
<p>Looking ahead at the four-hour price chart, BGB is likely under crucial pressure to break through the current price levels. If the bear hold strengthens, the immediate support level might be found around the $0.93 range. On the other hand, if the asset regains the upward momentum, BGB could test the initial resistance at $1.18.</p>
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Bitget BGB Faces Major Dip Followed by Rapid Rebound

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