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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 total 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 also 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 start of the year.
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Costs were hit by an initial downturn a week, ending months of comparatively steady 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 that bitcoin cash's blockchain essentially a digital ledger with no central authority overseeing it had been put to be split into 2, an event known as a"hard fork"
Forks, which are essentially software upgrades, usually happen when there is a disagreement about how to scale a cryptocurrency to cope with a greater volume of trading, such as the August 2017 branch that led to the creation of bitcoin money.
Last week's fork saw bitcoin money 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 promises 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 suit.
Fast-track into Friday, and the world's largest virtual coin is currently trading at a cost of $4,300down more than 4 percent in the last 24 hours, according to CoinMarketCap. Meantime, XRP, an electronic token linked to blockchain company Ripple, climbed 6.7 percent to under 41 cents, while ether, the digital token of their Ethereum blockchain, dropped 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 that you select at the top of the page. The page initially shows using"USD" as the crossrate to calculate against. The list of cryptocurrencies, along with information for the Read Full Report page, is updated and ranked every 15 minutes.
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