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It’s a similar idea to Coinbase Lend, which was canceled after SEC threats.

According to estimates by Larry Cermak at The Block Research, nearly $5 billion in open interest was wiped out in as little as half an hour. That helped to shave cryptocurrency’s total market capitalization down to $around $2.3 trillion, off sharply from last month’s record high above $2.6 trillion.

Hashrate has now recovered to early June levels indicating that miners are coming back online after China’s crackdown.

The hacker began returning the funds almost two weeks ago.

Bitcoin hit $50,000 on Sunday, reaching a more than 3-month high, as the cryptocurrency continues to rebound.

The roll-out, which marks the first international expansion of PayPal’s cryptocurrencies services outside of the United States, could inspire further mainstream adoption of the new asset class.

Bitcoin soared to $40,000, a rally attributed to traders exiting bets on declines & ongoing speculation over Amazon’s potential involvement. 

About $98 billion was wiped off the entire cryptocurrency market in 24 hours as of 12:29 a.m. ET on Tuesday, according to CoinMarketCap data.