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The cryptocurrency market is facing an intense sell-off as investors are confounded 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 entire market capitalization of cryptocurrencies that's worked out by multiplying costs 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 reached at the onset of the year.
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Prices were struck by an initial downturn a week, ending months of relatively steady trading to the world's biggest 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 had been set to be split into two, an event known as a"hard disk "
Forks, which are essentially software upgrades, usually occur when there is a disagreement about how to scale a cryptocurrency to deal with a greater volume of trading, like the August 2017 branch that caused the creation of bitcoin cash.
Last week's fork saw bitcoin cash 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 multiple other digital assets following suit.
Fast-track into Friday, and also 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, an electronic token linked to blockchain company Ripple, climbed 6.7 percent to below 41 cents, while ether, the electronic token of view website the Ethereum blockchain, dropped more than 7 percent to just under $122. .
The Cryptocurrency Market read this article Capitalizations page shows the current market cap rankings for important cryptocurrencies based on a currency that you select on top of the page. The page initially displays using"USD" as the crossrate to calculate against. The list of cryptocurrencies, along with data for the page, is updated and ranked every 15 minutes.
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