The cryptocurrency market suffered major losses early Wednesday as prices tumbled among major coins.
Bitcoin, the most popular coin hovered around $31,000 per coin at 9 a.m. Just a week ago, it was valued at more then $55,000.
Its downward trend began shortly after Tesla CEO Elon Musk announced the electric vehicle manufacturer would no longer be accepting Bitcoin, FOX Business reported.
On Wednesday, the China Banking Association warned its members of the risks associated with digital currencies.
According to FOX Business, the statement from China's industry association said all members should "resolutely refrain from conducting or participating in any business activities related to virtual currencies." The notice said such digital currencies were subject to great volatility.
Ether, the coin linked to the etherum blockchain network, fell to around $2,000 Wednesday. One day earlier, it was worth nearly $3,400 — meaning it fell more than 39% in 24 hours. One week ago, Ether had been valued at more than $4,200.
CARDIFF, WALES - MAY 03: A visual representation of the digital cryptocurrency, Bitcoin on May 3, 2018 in Cardiff, Wales. Cryptocurrencies including Bitcoin, Ethereum, and Litecoin saw unprecedented growth in 2017. Bitcoin works without a central ban
Dogecoin, a currency that began as a joke in 2013, had been surging since the beginning of the year. It’s found high-profile endorsements from Musk and Mark Cuban, but it too suffered in Wednesday’s freefall.
Doge fell to 22 cents per coin Wednesday. Ahead of Musk’s appearance on "Saturday Night Live" earlier this month, Doge was valued at roughly 70 cents per coin.
The tumble appeared to be over with cryptos showing signs of recovery shortly after the opening bell on Wall Street. Even so, the coins were still well below the value they held just a week ago.
This story was reported from Atlanta.