• Bitget Token (BGB) price surged nearly 10% on Monday after Bitfinex announced the token’s listing.
• BGB is an ERC-20 token that works as a governance token on Bitget and users require it to access and utilize services on the derivatives platform.
• On 24 April, 2023 Bitfinex announced that it would be listing BGB, the native token of Bitget, a top crypto derivatives exchange.
Bitget Token Price Surges After Bitfinex Lists BGB
What is Bitget Token (BGB)?
Bitget Token (BGB) is an ERC-20 token that works as a governance token on the crypto derivatives platform Bitget. Users require it to access and utilize services on the derivatives platform. BGB holders can also stake their tokens and benefit from rewards and discounts, with zero withdrawal fees for staked BGB.
Bitfinex Listing
On 24 April 2023, major cryptocurrency exchange Bitfinex announced that it would be listing BGB tokens on its platform. The listing put BGB tokens on one of the best crypto exchanges, and the largest one to list the token. Deposits for BGB will open at 10 AM UTC on 25 April 2023 while trading will commence around 10 AM UTC on 27 April 2023 with initial trading pairs being BGB/USD and BGB/USDT.
Impact of Listing
The announcement led to a surge in price of nearly 10%, trading to a high of $0.41 at the time of writing with daily trading volume also reflecting this jump in price. The gains mean that current prices are just 21% off all-time highs above $0.51 reached in February 2023. Trading on Bitfinex will increase liquidity as well as visibility for BGB tokens which could add to demand over time.
Conclusion
The addition of BGB tokens to one of the best cryptocurrency exchanges has caused an immediate surge in prices with increased liquidity likely adding further demand going forward
