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The cryptocurrency marketplace is facing an intense sell-off as investors are rattled 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 cryptocurrencies that's 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 that translates to almost $700 billion since the summit 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 last week, ending months of relatively stable trading for 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 updates, usually happen when there is a disagreement about how to scale a cryptocurrency to cope with a higher volume of trading, like the August 2017 branch that caused the creation of bitcoin cash.
Last week's fork 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 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 multiple other electronic assets following lawsuit.
Fast-track to Friday, and the world's biggest virtual coin is trading at a cost of $4,300down more than 4 percent in the previous 24 hours, according to CoinMarketCap. Meantime, Recommended Reading XRP, a digital token associated with blockchain company Ripple, climbed 6.7 percent to under 41 cents, while ether, the digital token of the Ethereum blockchain, dropped more than 7 percent to just under $122. .
The Cryptocurrency Market Capitalizations page shows the current market cap rankings like it for major cryptocurrencies based on a currency you pick on top of the page. The page initially shows using"USD" as the crossrate to compute against. The list of cryptocurrencies, along with data for the page, is updated and ranked every 15 minutes.
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