Try replacing the battery. If the battery has gone bad, charging it will do no good. If it is a new battery, you may have faulty battery terminals in your camera, the memory card switch may be bad, or some other internal failure may have occurred.
I recommend you contact Canon Support here: http://www.usa.canon.com/cusa/consumer/standard_display/support
This seems to be a very common problem, and Canon should be able to fix this.
I’m happy to help further over the phone at https://www.6ya.com/expert/jeremy_69f3cc28d95bf514
See page 24 of your users manual: Recharging the Battery.
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I you put the battery on the charger for several hours and it still continues to blink after several hours it is time to replace the battery, which has a normal life of several years.
A suggestion if the battery light is steady after charging overnight is to remove the memory card and lens one at a time to see if the problem clears. Then you would know if you have to replace a user replaceable component.
Third party batteries for the CG-580 can be found on EBay for much cheaper then the manufacturer's battery
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