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The cryptocurrency market is facing an intense sell-off as investors are rattled 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 total market capitalization of all cryptocurrencies that's worked out by multiplying prices from 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 that translates to almost $700 billion since the summit of over $830 billion their market value attained at the onset of the year.
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Prices were hit with an initial downturn last week, ending months of relatively stable trading for the planet's largest and best-known digital asset, bitcoin an unusual phenomenon for an advantage known for its wild 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 happen when there's a disagreement about how to scale a cryptocurrency to deal with a greater volume of trading, such as the August 2017 branch that led to the creation of bitcoin money.
Last week's fork saw bitcoin cash cloven into two new, different virtual currencies,"Bitcoin ABC" and"Bitcoin SV" short look these up 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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Because of this, various cryptocurrencies fell, together with bitcoin dropping below $6,000 and several other digital assets following suit.
Fast-track to Friday, and also the world's largest virtual coin is currently trading at a cost of $4,300, down over 4 percent in the previous 24 hours, according to CoinMarketCap. Meantime, Homepage XRP, a digital token linked to blockchain company Ripple, dipped 6.7 percent to below 41 cents, while ether, the electronic token of the Ethereum blockchain, dropped 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 peak of the page. The page initially shows using"USD" as the crossrate to compute against. The list a knockout post of cryptocurrencies, along with data for the page, is updated and ranked every 15 minutes.
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