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The cryptocurrency market is facing an intense sell-off as investors are rattled by heightened talk of regulatory scrutiny and infighting over a schism in bitcoin's most notable spin-off, bitcoin money.
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 a more 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 struck by an initial downturn a week, ending months of relatively steady trading to the world'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 a digital ledger with no central authority overseeing it had been set to be split into 2, an event known as a"hard fork."
Forks, which are essentially software updates, usually occur when there's a disagreement about how to scale a cryptocurrency to cope with a greater volume of trading, such as the August 2017 fork that led to the creation of bitcoin cash.
Last week's Bonuses fork saw bitcoin cash cloven into two new, separate virtual currencies,"Bitcoin ABC" and"Bitcoin SV" short for"Satoshi's Vision" the latter being the brainchild of controversial entrepreneur Craig Wright, who claims to be bitcoin inventor Satoshi Nakamoto.
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Because of this, various cryptocurrencies fell, 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 price of $4,300, down over 4 percent in the previous 24 hours, according to CoinMarketCap. Meantime, XRP, an electronic token associated with blockchain company Ripple, dipped 6.7 percent to under 41 cents, whilst ether, the digital token of the Ethereum blockchain, fell more than 7 percent to just under $122. .
The Cryptocurrency Market Capitalizations page shows the current market cap rankings for major cryptocurrencies predicated on a currency that you select at the top of the page. The page initially displays using"USD" as the crossrate to calculate against. The listing of cryptocurrencies, along with data for the webpage, is updated and ranked every 15 minutes.
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