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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 that's 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 attained at the onset of the year.
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Prices were struck by an initial downturn a week, ending months of comparatively stable 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 which bitcoin cash'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 upgrades, usually occur when there's a disagreement about how to scale a cryptocurrency to cope with a higher volume of trading, such as the August 2017 branch that led to the creation of bitcoin money.
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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Because of this, various cryptocurrencies fell, with bitcoin dropping below $6,000 and multiple other digital assets following suit.
Fast-track into Friday, and the world's largest virtual coin is trading at a price of $4,300down more than 4 percent in the previous 24 hours, according to CoinMarketCap. Meantime, XRP, a digital token associated with blockchain firm Ripple, dipped 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 look these up based on a currency that you select on top of the page. The page initially shows using"USD" as the crossrate to compute against. The list of cryptocurrencies, along with information for the webpage, is updated and ranked every 15 minutes.
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