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The cryptocurrency marketplace 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 total market capitalization of cryptocurrencies that's exercised 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 which translates to almost $700 billion since the peak of over $830 billion their market value attained at the onset of the year.
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Prices were hit with an initial downturn last week, ending months of relatively steady trading for the planet's biggest and best-known digital asset, bitcoin an unusual phenomenon for an advantage 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 was set to be divided into two, an event known as a"hard fork."
Forks, which are essentially software updates, usually happen when there is a disagreement about how to scale a cryptocurrency to deal with a greater volume of trading, like the August 2017 fork that caused the creation of bitcoin cash.
Last week's branch saw bitcoin money cloven into two new, separate 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, together with bitcoin dropping below $6,000 and several other digital assets following lawsuit.
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 previous 24 hours, according to CoinMarketCap. Meantime, XRP, a digital token associated with blockchain company Ripple, climbed 6.7 percent to under 41 cents, while ether, the electronic token of their Ethereum blockchain, fell more than 7 percent to just under $122. .
The Cryptocurrency Market Capitalizations page displays the current market cap rankings for major cryptocurrencies predicated on a currency that you pick on peak of the page. The page initially displays using"USD" as the crossrate to compute Managed Account Services against. The list of cryptocurrencies, along with data for the webpage, is updated and ranked every 15 minutes.
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