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The cryptocurrency marketplace is facing an intense sell-off as investors are rattled by heightened talk of regulatory scrutiny and infighting over a schism in bitcoin's most notable spin-off, bitcoin cash.
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 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 more 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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Costs were hit with 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 rampant volatility.
That move came on the back of news which bitcoin cash's blockchain essentially a digital ledger with no central power overseeing it had been put to be split into two, an event known as a"hard fork"
Forks, which are essentially software upgrades, usually see this occur 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 branch saw bitcoin money cloven into two new, different digital currencies,"Bitcoin my sources 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 fell, with bitcoin dropping below $6,000 and multiple other digital assets following suit.
Fast-track to 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, an electronic token associated with blockchain company Ripple, climbed 6.7 percent to below 41 cents, whilst ether, the digital 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 important cryptocurrencies based on a currency that you select at the top 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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