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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 all cryptocurrencies which is worked out by multiplying prices 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 which translates to almost $700 billion since the peak of over $830 billion their market value attained at the start of the year.

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Costs were struck with an initial downturn last week, ending months of relatively stable trading to the world's largest and best-known digital advantage, 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 divided into 2, an event known as a"hard fork."

Forks, that are essentially software updates, usually occur when there is a disagreement about how to scale a cryptocurrency to cope with a higher volume of trading, such as the August 2017 fork that led to the creation of bitcoin cash.

Last week's branch saw bitcoin money cloven into two new, different virtual currencies,"Bitcoin official source 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, with bitcoin dropping below $6,000 and multiple other digital assets following suit.

Fast-track into Friday, and also the world's biggest virtual coin is currently trading at a cost of $4,300down over 4 percent in the previous 24 hours, according to CoinMarketCap. Meantime, XRP, a digital token associated with blockchain firm Ripple, dipped 6.7 percent to below 41 cents, while ether, the digital token of the Ethereum blockchain, dropped more than 7 wikipedia reference percent to just under $122. .

The Cryptocurrency Market Capitalizations page displays the current market cap rankings for important cryptocurrencies predicated on a currency you pick at the top of the page. The page initially displays using"USD" as the crossrate to calculate against. The listing of cryptocurrencies, along with information for the webpage, is updated and ranked every 15 published here minutes.

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