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The cryptocurrency market is facing an intense sell-off as investors are confounded 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 total market capitalization of cryptocurrencies that's worked out 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 which translates to almost $700 billion since the peak of over $830 billion their market value attained at the onset of the year.
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Prices were hit by an initial downturn a week, ending months of relatively stable trading to the planet's largest and best-known digital asset, bitcoin an unusual phenomenon for an asset known for its rampant volatility.
That move came on the back of news which bitcoin cash's blockchain essentially an electronic ledger with no central power overseeing it had been set to be split into two, an event known as a"hard disk "
Forks, which are essentially software upgrades, usually happen navigate here when there's a disagreement about how to scale a cryptocurrency to deal with a greater volume of trading, like the August 2017 fork that led to the creation of bitcoin cash.
Last week's 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 promises to be bitcoin inventor Satoshi Nakamoto.
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Because of this, various cryptocurrencies dropped, together with bitcoin dropping below $6,000 and multiple other digital assets following suit.
Fast-track into Friday, and also the world's biggest virtual coin is currently 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, while ether, the electronic token of their Ethereum blockchain, fell more than 7 percent to just under $122. .
The Cryptocurrency Market Capitalizations page displays the current market cap rankings for important cryptocurrencies based on a currency you pick on top of the page. The page initially shows using"USD" as the crossrate to compute against. The list of cryptocurrencies, along with information for the page, is updated and ranked every 15 minutes.
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