Bitcoin selloffs continued Wednesday, seeing the largest cryptocurrency lose 31% earlier Wednesday, dropping to less than half of its April record value of $65,000.

Wednesday’s drop erased nearly all of Bitcoin’s gains since February when Tesla Inc. said it bought $1.5 billion of the coins and suggested it would allow it as payment for vehicles.
China banned financial institutions from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading, three industry bodies said in a joint statement Tuesday. Recent tweets from Elon Musk also criticized Bitcoin’s energy use.
The recent crypto-bubble may be starting to unravel as investors capitulate and selloffs continue. Shortly after 1pm Wednesday Bitcoin said it was down 7% to about $40,055.