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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 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 a greater 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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Costs were struck 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 asset known for its rampant volatility.
That move came on the back of news which bitcoin money's blockchain essentially a digital ledger with no central authority overseeing it was put to be divided into 2, an event known as a"hard fork."
Forks, which are essentially software updates, usually happen when there is a disagreement about how to scale a cryptocurrency to cope with a greater volume of trading, like the August 2017 branch that led to the creation of bitcoin cash.
Last week's branch saw bitcoin money 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 fell, together with bitcoin dropping below $6,000 and several other digital assets following suit.
Fast-track to Friday, and the world's biggest virtual coin is 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 firm Ripple, dipped 6.7 percent to below 41 cents, whilst ether, the electronic token of their 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 based on a Get More Info currency you select on top of the page. The page initially displays using"USD" as the crossrate to compute against. The listing of cryptocurrencies, along with data for the webpage, is updated and ranked every 15 minutes.
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