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The cryptocurrency market is facing an intense sell-off as investors are confounded by heightened discussion of regulatory scrutiny and infighting over a schism in bitcoin's most notable spin-off, bitcoin cash.
At around 1:50 p.m. London time (8:50 a.m. ET), the entire market capitalization of all cryptocurrencies that's worked out by multiplying costs by the number of tokens in circulation had fallen to around $138.6 billion, according to CoinMarketCap data.
That marks cryptocurrencies' lowest level since September 2017, and also a greater than 80 percent decline which translates to almost $700 billion since the summit of over $830 billion their market value reached at the start of the year.
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Prices were hit with an initial downturn a week, ending months of relatively steady trading for the planet's largest and best-known digital asset, bitcoin an unusual phenomenon for an advantage known for its rampant volatility.
That move came on the back of news that bitcoin money's blockchain essentially an electronic ledger with no central authority overseeing it was put to be divided into two, an event known as a"hard fork."
Forks, that are essentially software updates, usually occur when there's a disagreement about how to scale a cryptocurrency to cope with a higher volume of trading, like the August 2017 fork that led to the creation of bitcoin money.
Last week's branch saw bitcoin cash cloven into two new, separate digital currencies,"Bitcoin ABC" and"Bitcoin SV" short for"Satoshi's Vision" the latter being the brainchild of controversial entrepreneur Craig Wright, who promises to be bitcoin inventor Satoshi Nakamoto.
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As a result, various cryptocurrencies dropped, with bitcoin dropping below $6,000 and several other electronic assets following suit.
Fast-track to Friday, and the world's biggest virtual coin is trading at a price of $4,300down over 4 percent in the previous 24 hours, according to CoinMarketCap. Meantime, XRP, a digital token linked to blockchain company read the article Ripple, dipped 6.7 percent to below 41 cents, while ether, the digital token of the Ethereum blockchain, fell more than 7 percent to just under $122. .
The Cryptocurrency Market Capitalizations page displays the current market cap rankings for major cryptocurrencies based on a currency you pick on top of the page. The page initially displays using"USD" as the crossrate to calculate against. The listing of cryptocurrencies, along with information for the webpage, is updated and ranked every 15 minutes.
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