Bitcoin Plunges Below $33,000 and a Key Level, Chart Shows

The rout for the largest cryptocurrency continued on Wednesday, with Bitcoin erasing all of its gains since Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles -- only for founder Elon Musk to reverse course. The digital token plunged below $33,000 as of 8:57 a.m. in New York trading, breaking through its key 200-day moving average. Other crypto coins dropped in tandem, with Ether losing as much as 42%.

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