Bitcoin plunged to near $30,000 at one point on Wednesday morning, continuing a major sell-off in the cryptocurrency markets that began a week ago.

The digital currency hit as low as $30,001.51 as the selling intensified Wednesday morning before paring some of those losses. The cryptocurrency hasn’t traded below $30,000 since late January.

Bitcoin rebounded as the day went on, was down 8% to about $39,550 shortly after 2 p.m. ET. At its intraday low, the cryptocurrency loss for the past week was more than 40%.

The sharp drop means bitcoin had temporarily erased all its gains following Tesla’s announcement that it would purchase $1.5 billion worth of the cryptocurrency. It was also down more than 50% since hitting a record high of $64,829 in mid-April.

Other cryptocurrencies also plunged on Wednesday. Ether, the digital currency that powers the Ethereum blockchain, was down more than 18% at $2,745, according to Coin Metrics. Dogecoin, a cryptocurrency that started as a joke and has been talked up by Tesla CEO Elon Musk, fell 20% to less than 38 cents. Both had substantially larger losses earlier in the session.

Additionally, cryptocurrency exchange Coinbase was temporarily down for some users as the coins plunged on Monday morning.

Bitcoin prices fell sharply amid the global sell-off in equities.

Luke MacGregor  | Bloomberg | Getty Images

The announcement to suspend bitcoin payments came just three months after Tesla revealed that it