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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 entire market capitalization of cryptocurrencies that's exercised 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 which translates to almost $700 billion since the summit of over $830 billion their market value attained at the start of the year.
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Prices were hit by an initial downturn last week, ending months of relatively steady trading for the world's biggest and best-known digital asset, bitcoin an unusual phenomenon for an asset known for its wild volatility.
That move came on the back of news that bitcoin money's blockchain essentially an electronic ledger with no central authority overseeing it was put to be divided into two, an event known as a"hard fork."
Forks, which 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, such as useful source the August 2017 branch 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 claims to be bitcoin inventor Satoshi Nakamoto.
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As a result, various cryptocurrencies dropped, together with bitcoin dropping below $6,000 and several other digital assets following lawsuit.
Fast-track into Friday, and the world's biggest virtual coin is trading at a price of $4,300down over 4 percent in the last 24 hours, according to CoinMarketCap. Meantime, XRP, an electronic token associated with blockchain company Ripple, dipped 6.7 percent to below 41 cents, whilst ether, the digital token like this of their Ethereum blockchain, fell more than 7 percent to just under $122. .
The Cryptocurrency Market Capitalizations page displays 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 webpage, is updated and ranked every 15 minutes.
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