Token

2024

Bitcoin

As altcoins led by Bitcoin (BTC) are showing signs of recovery, the native token of popular crypto exchange Bitget, BGB, experienced a sharp decline. 
<h2 id="bgb-token-plummets-50-in-just-five-minutes">BGB Token Plummets 50% in Just Five Minutes</h2> 
On October 7 at 02:58 UTC, BGB saw a sudden drop, falling from $1.15 to $0.5344 within just five minutes. Bitget quickly responded with an official announcement, addressing the abnormal price dip. 
In the statement, Bitget confirmed a major price fluctuation in BGB that lasted for 10 minutes, but the market stabilized shortly after. The exchange reassured users that they would fully compensate for any losses and would release a compensation plan within 24 hours, completing the process within 72 hours. 
<img decoding="async" class="alignnone size-full wp-image-21742" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/a-sudden-and-sharp-price-drop-in-a-cryptocurrency-The-visual-should-feature-a-large-downward-arrow-with-a-chart-showin.webp" alt="a sudden and sharp price drop in a cryptocurrency The visual should feature a large downward arrow with a chart showin" width="1792" height="1024" title="Sudden 50% Drop in This Altcoin! Official Statement Released: &quot;Losses Will Be Compensated!&quot; 6" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/10/a-sudden-and-sharp-price-drop-in-a-cryptocurrency-The-visual-should-feature-a-large-downward-arrow-with-a-chart-showin.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/a-sudden-and-sharp-price-drop-in-a-cryptocurrency-The-visual-should-feature-a-large-downward-arrow-with-a-chart-showin-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/a-sudden-and-sharp-price-drop-in-a-cryptocurrency-The-visual-should-feature-a-large-downward-arrow-with-a-chart-showin-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px"> 
<h2 id="bitget-s-official-response">Bitget’s Official Response</h2> 
“Today, the BGB price experienced an unexpected fluctuation due to <a href="https://www.turkishnyradio.com/qubetics-poised-to-dominate-the-crypto-market-what-will-the-price-swings-of-arbitrum-and-chainlink-mean-for-investors/" target="_blank" rel="noopener">market</a> conditions, but the price stabilized quickly. 
Bitget will fully compensate for any asset losses and will provide a compensation plan within 24 hours, with the compensation process completed within 72 hours. 
Bitget always prioritizes the security of user assets and will continue to optimize margin position levels, risk management measures, and liquidation mechanisms to ensure a safer and more stable trading environment. 
We apologize for any inconvenience caused.” 
Although the exact cause of the BGB crash is still unknown, the token has since recovered and is trading at $1.08. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/search?q=%24BGB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$BGB</a> experienced unexpected volatility today due to market conditions, but the price has quickly stabilized.<a href="https://twitter.com/hashtag/Bitget?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitget</a> will fully compensate for any asset losses, and will provide a compensation plan within 24 hours, completing the compensation process within 72 hours. Bitget… <a href="https://t.co/KJD2MLO9J6" rel="nofollow" target="_blank">pic.twitter.com/KJD2MLO9J6</a> 
 — Bitget (@bitgetglobal) <a href="https://twitter.com/bitgetglobal/status/1843161739350925628?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">October 7, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Stay updated with the latest crypto news by following Turkish NY Radio.

Sudden 50% Drop in This Altcoin! Official Statement Released: “Losses Will Be Compensated!”

Table of Contents

TNYR

Other articles published on Oct 7, 2024

Bitget pledges compensation for BGB holders following 50% price drop

ETH isn’t surging in October, analysts predict these 3 altcoins will rise instead

Bitcoin Liquidation Levels Signal Short Squeeze Alert

3 Cheap Cryptos Under $0.50 That Will Deliver Better Returns Than Bitcoin (BTC) or Ethereum (ETH)

Qubetics Empowers Users with dVPN, Boosts Privacy and Freedom as Quant and Theta Surge

UAE Introduces VAT Exemption for Cryptocurrency Transfers and Conversions

Join our free newsletter for daily crypto updates!