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The cryptocurrency marketplace 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 entire market capitalization of all cryptocurrencies which is worked out by multiplying costs 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 a greater than 80 percent decline that translates to almost $700 billion since the summit of over $830 billion their market value reached at the onset of the year.
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Prices were struck by an initial downturn a week, ending months of relatively stable trading for the world'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 that bitcoin cash's blockchain essentially an electronic ledger with no central authority overseeing it was set to be split into two, an event known as a"hard fork."
Forks, which are essentially software upgrades, usually occur when there's a disagreement about how to scale a cryptocurrency to deal with from this source a greater volume of trading, like the August 2017 fork that led to the creation of bitcoin cash.
Last week's fork saw bitcoin cash cloven into two new, separate 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 several other digital assets following suit.
Fast-track into Friday, and the world's largest virtual coin is currently trading at a cost of $4,300, down more than 4 percent in the last 24 hours, according to CoinMarketCap. Meantime, XRP, an electronic token associated with blockchain firm Ripple, climbed 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 based on a currency you select at the peak of the page. The page initially shows using"USD" as the crossrate to calculate against. The list of cryptocurrencies, along with data for the webpage, is updated and ranked every 15 minutes.
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