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The cryptocurrency market is facing an intense sell-off as investors are confounded 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 all cryptocurrencies which is worked out by multiplying prices 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 also a more than 80 percent decline which translates to almost $700 billion since the peak of over $830 billion their market value attained at the start of the year.
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Costs were struck with 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 rampant 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 split into 2, an event known as a"hard fork"
Forks, that visit this site are essentially software upgrades, usually happen when there is 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 cash.
Last week's branch saw bitcoin cash cloven into two new, different digital 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, with bitcoin dropping below $6,000 and several other electronic assets following lawsuit.
Fast-track to Friday, and the world's biggest virtual coin is trading at a price of $4,300down more than 4 percent in the last 24 hours, according to CoinMarketCap. Meantime, XRP, a digital token linked to blockchain company Ripple, dipped 6.7 percent to under 41 cents, while ether, the digital token of their 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 predicated on a currency you select on peak of the page. The page initially displays using"USD" as the crossrate to compute against. The listing of cryptocurrencies, along with data for the page, is updated and ranked every 15 minutes.
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