Hundreds of billions of dollars were wiped off the entire cryptocurrency market after Tesla CEO Elon Musk tweeted that the electric vehicle maker would suspend car purchases using bitcoin.

At around 6 p.m. ET on Wednesday when Musk made the announcement, the value of the whole cryptocurrency market stood at around $2.43 trillion, according to data from Coinmarketcap.com. By 8:45 p.m., the market capitalization had dropped to around $2.06 trillion, wiping off around $365.85 billion.

The market has since pared some losses, and by around 6.30 a.m. the cryptocurrency market had seen around $235 billion wiped off its value since Musk's tweet. Bitcoin was down around 12% at around $49,624, according to CoinDesk data, dipping below the $50,000 mark for the first time since Apr. 24.