Cryptocurrency prices were falling Wednesday following a statement from the People's Bank of China that the digital coins weren't "real currencies" and amid a general market pullback.
The capitalization for the global cryptocurrency market dropped nearly 25% over the last day, according to CoinMarketCap.
Bitcoin was down nearly 20%, Ethereum was off nearly 27%, and Dogecoin was tanking nearly 30%.
In a post on the People's Bank of China's official WeChat account, China's central bank said digital currencies should not be used in either financial markets or the real economy as money, given that they are not "real currencies."
Bitcoin prices slumped to a three-and-a-half month low Wednesday, while cryptocurrency peers such as Ethereum and Dogecoin traded heavily in the red, following a renewed crackdown on virtual currencies markets in China and a broader pullback in risk markets in the United States.
The company said Wednesday morning that it was "seeing some issues on Coinbase and Coinbase Pro."
"We’ve put a fix in place to resolve the issue and users shouldn’t have any more trouble logging into Coinbase and Coinbase Pro," the company said in a follow-up e-mail.
"The overall impact is that you need to accept the beatdown for some greater good in all of the specs but buy the most solid companies, like April of 2000, and you should come out ahead but the vast bulk of capital, with the possible exception of MUSK, the four letter symbol for Tesla, the rejector of Bitcoin as a currency," said TheStreet's founder Jim Cramer, in his Real Money column Wednesday.
["Tesla] should be considered a drag on the market no different from the undisciplined capital that had been full of those with conviction that betrayed them in the middle of March of 2000." he added.