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The cryptocurrency market is facing an intense sell-off as investors are rattled by heightened discussion 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 which is exercised 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 greater than 80 percent decline which translates to almost $700 billion since the peak of over $830 billion their market value reached at the onset of the year.
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Prices were hit by an initial downturn last 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 wild volatility.
That move came on the back of news that bitcoin money's blockchain essentially a digital ledger with no central power overseeing it was put to be split into 2, an event known as a"hard fork"
Forks, that are essentially software updates, usually occur when there's a disagreement about how to scale a cryptocurrency to cope with a higher volume of trading, like the August 2017 fork that caused the creation of bitcoin cash.
Last week's branch saw bitcoin cash 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 dropped, together with bitcoin dropping below $6,000 and multiple other digital assets following suit.
Fast-track to Friday, and also the world's largest virtual coin is currently trading at a cost of $4,300down more than 4 percent in the last 24 hours, according to CoinMarketCap. Meantime, XRP, a digital token linked to blockchain company Ripple, dipped 6.7 percent to below 41 cents, while ether, the digital token of their Ethereum blockchain, dropped more than 7 Read Full Report percent to just under $122. .
The Cryptocurrency Market Capitalizations page shows the current market cap rankings for major cryptocurrencies based on a currency you pick on top of the page. The page initially displays using"USD" as the crossrate to calculate against. The listing of cryptocurrencies, along with information for the webpage, is updated and ranked every 15 minutes.
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