- Bitget investigates unusual BGB price drop, plans compensation for affected users.
- Bitget strengthens its market share, ranking 4th among centralized exchanges in September 2024.
- BGB shows slight recovery, with technical indicators signaling neutral to bullish momentum.
Bitget announced an investigation into the unusual price movements of its native token, BGB, which occurred between 10:53 AM and 10:58 AM. The exchange aims to determine the cause of the sudden price drop and compensate users who experienced losses.
Bitget representatives identified irregular BGB price activity during a five-minute window on October 7. The price of Bitget Token plummeted, raising concerns about potential manipulation or technical issues.
Although the specific causes remain unconfirmed, Bitget’s Chinese representative assured users that a thorough investigation is underway. The exchange will publish a report with its findings.
Compensation Plan for Affected Users
Bitget acknowledged that some users might have suffered losses due to the unusual price volatility and announced compensation for those affected. The company plans to use a clear and structured compensation plan.
Despite the incident, Bitget’s market share grew to 11% of the centralized exchange (CEX) market, making it a contender behind industry leaders Binance, OKX, and Bybit.
Centralized exchanges dominated in September 2024, with Binance leading with 36.59% of the market. Bitget holds a significant portion in both spot and derivative trading.
Market Performance of Bitget Token
BGB showed significant volatility, falling below $1.00 before quickly recovering to around $1.06. The token currently trades at $1.07, with a 24-hour trading volume of $77.4 million. Despite the sharp drop, BGB maintained relative stability, gaining 0.56% in the past 24 hours.
Technical analysis of BGB/USD shows notable price swings between $0.50 and $1.50 in recent sessions. The MACD indicator suggests slight bullish momentum, as the MACD line crossed above the signal line.
However, the RSI currently sits at 55.70, showing the asset is in a neutral to slightly overbought zone.
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