Crypto exchange Bitget promised to compensate holders of its native Bitget Token (BGB) for losses suffered during a slump of as much as 52% on Monday.
BGB plummeted to as low as $0.54 from $1.14 in 15 minutes at around 02:30 UTC, data on TradingView show. It rebounded to $1.04 and was recently trading around $1.06.
Flash crashes aren’t unusual in cryptocurrencies, although it is often difficult to explain why many holders of an asset suddenly decide they want to sell. In BGB's case, the catalyst was likely “overall market sluggishness” stemming from holidays and Golden Week in Asia, among other factors, said Ryan Lee, chief analyst at Bitget Research, in an email.
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