This is the best tl;dr I could make, original reduced by 40%. (I'm a bot)
The cryptocurrency market 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.
Prices were hit with an initial downturn last week, ending months of relatively stable trading for 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 cash's blockchain - essentially a digital ledger with no central authority overseeing it - was set to be split into two, an event known as a "Hard fork."
Forks, which are essentially software upgrades, 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 fork saw bitcoin cash cloven into two new, separate virtual 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.
As a result, various cryptocurrencies fell, with bitcoin dropping below $6,000 and multiple other digital assets following suit.
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