It’s been a brutal week for crypto investors. Over the past few months, cryptocurrencies had been enjoying record highs thanks in part to Tesla buying $1.5 billion in Bitcoin in February, NFTs fetching multimillion-dollar sums at auction, and people generally having ample time on their hands (plus government stimmies) to invest out of pandemic-induced boredom. Yet this surge in Bitcoin prices, which reached a high of $64,829 in April, began to weaken dramatically last week when Tesla CEO Elon Musk announced that the carmaker would no longer accept the cryptocurrency out of concern for its environmental impacts—a surprise given Musk’s recent, very vocal enthusiasm for crypto. The price then took an even steeper nosedive on Wednesday in the wake of China banning its financial institutions from providing cryptocurrency-related services. Bitcoin fell to a low of $30,066, about 50 percent below its record high, before rebounding ever so slightly. It’s still 40 percent below where it was in April.