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.