Since early Tuesday, the selloff has erased nearly $500 billion from the total value of all cryptocurrencies

Between September and February bitcoin added about $800 billion in market value. 

https://www.wsj.com/articles/bitcoin-and-dogecoin-prices-tumble-as-investors-sour-on-cryptos-11621435489

Bitcoin tumbles below $40,000 after China issues crypto warning

First Published: May 19, 2021 at 4:12 a.m. ET

https://www.marketwatch.com/story/bitcoin-tumbles-below-40-000-after-china-issues-crypto-warning-11621411944

There will be howls of protest from the crypto-crowd but Beijing may have burst the bubble for good this time.

The intervention of Beijing may prove even more cataclysmic to claims that Bitcoin’s price surge is supported by its inevitable entry into the mainstream. 

Tesla’s brief acceptance was an aberration explained by the whims of its mercurial founder, not the beginning of some embrace by the global financial system, as some mistakenly rushed to declare.

Bitcoin’s longer-term prospects depend on it becoming mainstream.

https://www.telegraph.co.uk/business/2021/05/19/chinese-crackdown-musks-u-turn-threatens-end-bitcoin-craze/