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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 total market capitalization of all cryptocurrencies which is 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 peak of over $830 billion their market value attained at the onset of the year.
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Prices were struck with an initial downturn last week, ending months of relatively steady trading for the world'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 that 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, that are essentially software upgrades, usually happen when there's a disagreement about how to scale a cryptocurrency to deal with a higher volume of trading, like the August 2017 branch that led to the creation of bitcoin cash.
Last week's fork 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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As a result, various cryptocurrencies dropped, with bitcoin dropping below $6,000 and news multiple other electronic assets following lawsuit.
Fast-track into Friday, and also the world's largest virtual coin is currently trading at a cost of $4,300, down more than 4 percent in the previous 24 hours, according to CoinMarketCap. Meantime, XRP, an electronic token linked to blockchain company Ripple, dipped 6.7 percent to below 41 cents, while ether, the electronic token of the Ethereum blockchain, fell more than 7 percent additional resources to just under $122. .
The Cryptocurrency Market Capitalizations page shows the current market cap rankings for important cryptocurrencies predicated on a currency you pick at the top of the page. The page initially shows using"USD" as the crossrate to official site compute against. The list of cryptocurrencies, along with information for the page, is updated and ranked every 15 minutes.
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