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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 money.
At around 1:50 p.m. London time (8:50 a.m. ET), the entire market capitalization of 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 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 steady trading to the planet's largest 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 which bitcoin cash's blockchain essentially an electronic ledger with no central power overseeing it was set to be divided into 2, an event known as a"hard fork."
Forks, that are essentially software upgrades, usually happen when there is a disagreement about how to scale additional reading a cryptocurrency to cope with a higher volume of trading, like the August 2017 branch that led to the creation of bitcoin cash.
Last week's branch saw bitcoin money cloven into two new, separate digital currencies,"Bitcoin ABC" and"Bitcoin SV" 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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As a result, various cryptocurrencies dropped, with bitcoin dropping below $6,000 and several other digital assets following suit.
Fast-track to Friday, and also the world's largest virtual coin is trading at a cost of $4,300, down click for source 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 their Ethereum blockchain, dropped more than 7 percent to just under $122. .
The Cryptocurrency Market Capitalizations page displays the current market cap rankings for important cryptocurrencies predicated on a currency you pick on top of the page. The page Going Here 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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