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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 entire 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 also a more than 80 percent decline that translates to almost $700 billion since the summit of over $830 billion their market value attained at the start of the year.
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Prices were hit by an initial downturn last week, ending months of relatively steady trading to the world's biggest 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 money's blockchain essentially a digital ledger with no central power overseeing it was set to be divided into 2, an event known as a"hard disk ."
Forks, that are essentially software updates, usually occur when there's a disagreement about how to scale a cryptocurrency to cope with a greater volume of trading, like the August 2017 branch that caused the creation of bitcoin money.
Last week's branch saw bitcoin money cloven into two new, different virtual currencies,"Bitcoin ABC" and"Bitcoin SV" short for"Satoshi's Vision" the latter dig this 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 multiple other electronic assets following suit.
Fast-track into Friday, and the world's largest virtual coin is currently trading at a price of $4,300down over 4 percent in the last 24 hours, according to CoinMarketCap. Meantime, XRP, a digital token linked to blockchain firm Ripple, climbed 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 shows the current market cap rankings for major cryptocurrencies predicated on a currency that you select on peak of the Resources page. The page initially displays using"USD" as the crossrate to calculate against. The list of cryptocurrencies, along with information for the page, is updated and ranked every 15 minutes.
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