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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 cryptocurrencies that's exercised by multiplying prices 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 more than 80 percent decline that 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 biggest 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 a digital ledger with no central power overseeing it had been set to be divided into 2, an event known as a"hard fork."
Forks, that are essentially software upgrades, usually happen when there's a disagreement about how to scale a cryptocurrency to cope with a greater volume of trading, such as the August 2017 branch that led to the creation of bitcoin cash.
Last week's branch saw bitcoin cash cloven into two new, different virtual 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 fell, with bitcoin dropping below $6,000 and multiple other digital assets following suit.
Fast-track to Friday, and the world's largest virtual coin is trading at a price of $4,300, down over 4 percent in the last 24 hours, according to CoinMarketCap. Meantime, XRP, a digital token associated with blockchain firm Ripple, climbed 6.7 percent to under 41 cents, whilst ether, the electronic token of their Ethereum blockchain, dropped more than 7 percent to just under $122. .
The Cryptocurrency Market Capitalizations page shows the current market cap rankings for major cryptocurrencies based on a currency you select on peak of the page. The page initially shows using"USD" as the crossrate to compute against. The listing of cryptocurrencies, along with data for the page, is updated and ranked every 15 minutes.
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