Market Action Report: Bitcoin, Ethereum, Ripple, Stellar & Litecoin Waver as BAT & ETC Rise on Coinbase Hype

Cryptocurrency values have taken a bearish turn this week as negative market sentiment suppresses a minor late-July rally, with most major alts taking a hit as confidence in Bitcoin wavers.

Positive news from crypto trading giant Coinbase has provided both Ethereum Classic and Basic Attention Token with immunity from bearish market action.

Bitcoin, currently ranked #1 by market cap, is down 2.49% over the past 24 hours.

BTC has a market cap of $119.64B with a 24 hour volume of $3.91B.Chart by CryptoCompare.

Bitcoin is down 2.49% over the past 24 hours.

BTC prices have plummeted more than $1,000 in the last week subsequent to a series of market events that have shaken investor confidence in the most valuable cryptocurrency.

Despite an all-time high in hashing power directed at the Bitcoin network, as well as a Bitcoin dominance rate of nearly 50 percent, BTC has dropped below $7,000-a value not seen since mid-July.

Futures trading has played a critical role in the sudden devaluation of Bitcoin, with Hong Kong-based exchange OKEx recently triggering a "Societal loss risk management mechanism" due to the forced liquidation of a large-scale long position on July 31 by an anonymous futures trader, which lost $416 million in a wrong-way bet on BTC prices.

"When the insurance fund cannot cover the total margin call losses, a full account clawback 1 occurs. In such case, only users who have a net profit across all three contracts for that week will be subject to the clawback. We will take a portion of the profit in equal percentage from all profited traders only to cover the difference between the liquidated price and settled price."

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