Bitcoin fell to nearly $30k this morning before rallying to $37k by lunch. That price is nonetheless 30% down from recent highs, and MSNBC describes it as an "intensifying plunge" triggered by Chinese moves to cool the cryptocurrency market, Elon's shenanigans, etc.
That means bitcoin has now erased all its gains following Tesla's announcement that it would purchase $1.5 billion worth of the cryptocurrency. It's also down about 44 percent since hitting a record high of $64,829 in mid-April.
The flurry of trading led to reports of outages at Coinbase, which said Wednesday via Twitter: "We know that customers are experiencing some issues with logging in, seeing their balances, and trading. Our teams are working to resolve this as soon as possible and funds in Coinbase accounts are safe. We'll circle back as soon as we have an update."