On October 7, Bitget’s platform token, BGB, experienced a sudden and sharp drop in value. The token fell over 50%, plunging from $1.14 to as low as ¥0.53 before beginning to recover. The cause of this drastic fall remains unclear. This isn’t the first time such an incident has occurred in the crypto space. Earlier this year, similar situations were seen with OKB, the token of another exchange. On July 5 and January 23, OKB also faced significant declines, dropping from $48 to $25. While BGB has started to recover, the reasons behind these abrupt crashes are still unknown, leaving traders and investors anxious about future volatility.
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