Cryptocurrency market tanks after Tesla suspends bitcoin transactions

The global cryptocurrency market lost hundreds of billions of dollars in value after Tesla CEO Elon Musk said his company was suspending the use of bitcoin for vehicle purchases, a report said.

Musk made the announcement via tweet just after 6 p.m. Wednesday, at which point the entire cryptocurrency market was valued at about $2.43 trillion, CNBC reported, citing data from Coinmarketcap.com. In less than three hours, the crypto market shed about $365 billion in value, the report said.