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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 entire market capitalization of all 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 more 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 with an initial downturn last week, ending months of relatively stable trading to the planet's largest and best-known digital advantage, bitcoin an unusual phenomenon for an advantage known for its rampant volatility.
That move came on the back of news that bitcoin cash's blockchain essentially a digital ledger with no central authority overseeing it was put to be divided into 2, an event known as a"hard disk ."
Forks, which are essentially software upgrades, usually occur when there's a disagreement about how to scale a cryptocurrency to deal with a greater volume of trading, such as the August 2017 fork that led to the creation of bitcoin money.
Last week's branch saw bitcoin money cloven into two new, separate virtual currencies,"Bitcoin ABC" and"Bitcoin SV" about his 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, with bitcoin dropping below $6,000 and multiple other electronic assets following suit.
Fast-track to Friday, and also the world's largest virtual coin is currently trading at a price of $4,300, down more than 4 percent in the last 24 hours, according to CoinMarketCap. Meantime, XRP, an electronic token linked to blockchain firm Ripple, climbed 6.7 percent to under 41 cents, whilst ether, the electronic token of the Ethereum blockchain, fell more than 7 percent to just under $122. .
The Cryptocurrency Market Capitalizations page shows the current market cap rankings for major cryptocurrencies based on a currency you select on peak of the page. The page initially displays using"USD" as the crossrate to calculate against. The list of cryptocurrencies, along with information for the page, is updated and ranked every 15 minutes.
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