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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 cash.
At around 1:50 p.m. London time (8:50 a.m. ET), the total market capitalization of all cryptocurrencies which is worked out by multiplying costs from 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 that translates to almost $700 billion since the peak 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 stable trading for the planet's biggest and best-known digital advantage, bitcoin an unusual phenomenon for an advantage 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 was set to be split into two, 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 important site cryptocurrency to deal with a higher volume of trading, like the August 2017 fork that caused the creation of bitcoin cash.
Last week's branch saw bitcoin money 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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Because of this, various cryptocurrencies fell, with bitcoin dropping below $6,000 and several other electronic assets following lawsuit.
Fast-track into Friday, and the world's biggest 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, a digital token linked to blockchain firm Ripple, dipped 6.7 percent to under 41 cents, while ether, the electronic token of the 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 predicated on a currency you pick on peak of the page. The page initially displays using"USD" as the crossrate to compute against. The listing of cryptocurrencies, along with information for the webpage, is updated and ranked every 15 minutes.
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