Bitget
Will Repay Traders After
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum Token Plunges 52%
in Flash Crash
Bitget Will Repay Traders After Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum Token Plunges 52% in Flash Crash
Bitget promised that it will fully compensate traders of its BGB token,
shortly after the asset's value plummeted and then quickly rebounded.
By Liz Napolitano
Oct 7, 2024 Oct 7, 2024
2 min read
Bitget has its own BGB token. Image: Bitget
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Crypto exchange Bitget promised Monday to remunerate holders of its Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum
-based BGB token, shortly after the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта lost more than half its
value in a sudden "flash crash."
The token plunged roughly 52% to $0.54 from $1.14 at around 10:30pm ET on
Sunday before recovering most of its value within an hour, according to
CoinGecko data .
Bitget attributed the flash crash to “unexpected volatility” in the crypto
market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта in a Twitter• Объект организация » Организации по алфавиту » Организации на Tw » Twitter, Inc. (aka X) post on Monday. In the post, the company said it
will issue a repayment plan to BGB holders in 24 hours, completing the
compensation process in 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
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“Bitget will fully compensate for any asset losses,” Bitget said in the post.
“We will continue to optimize margin position levels, risk management
measures, and liquidation mechanisms to ensure a safer and more stable trading
environment for you.”
Bitget Research Chief Analyst Ryan Lee said on Monday that BGB's sudden
price drop is nothing for retail investors to fear in a statement shared with
Decrypt .
“Occasional price dips are expected in any asset, and today’s drop could be
attributed to overall market sluggishness, partly influenced by the holidays
and golden week in Asia, which often affects market activity,” Lee said.
"Despite this brief downturn, BGB has quickly stabilized, proving its
resilience.”
BGB is trading at $1.08 as of publication time, CoinGecko data shows.
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The token's sudden and steep price drop—and its equally quick recovery—is
a classic example of a flash crash. A flash crash can happen when a host of
token holders suddenly decide to sell a given asset at the same time, making
the price fall dramatically in a short time period. After that initial crash,
the price of the asset recovers rapidly.
Several flash crashes have happened in the highly volatile cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
market this year.
OKX's token fell more than 50% in less than five minutes in January.
Meanwhile, Bitcoin's price plummeted roughly 80% to less than $9,000 on
crypto exchange Bitmex in March, prompting an investigation into the matter.
Edited by Andrew Hayward
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