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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 cash.
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 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 hit with an initial downturn last week, ending months of relatively steady trading to the world's largest and best-known digital advantage, bitcoin an unusual phenomenon for an asset known for its wild volatility.
That move came on the back of news which bitcoin cash's blockchain essentially an electronic ledger with no central authority overseeing it had been set to be split into 2, an event known as a"hard fork"
Forks, that are essentially software upgrades, usually happen when there is a disagreement about how to scale a cryptocurrency to deal with a higher volume of trading, such as the August 2017 fork that led to the creation of bitcoin money.
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 claims 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 lawsuit.
Fast-track to Friday, and the world's biggest virtual coin is currently trading at a price of $4,300, down more than 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, while ether, the electronic 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 important cryptocurrencies predicated on a currency that you pick on top of the page. The page initially shows using"USD" as the crossrate to compute against. The list of cryptocurrencies, along website link with information for the webpage, is updated and ranked every 15 minutes.
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