Global markets were roiled Tuesday by tensions over Ukraine.
It was the lowest level in more than two weeks. The price of the world's biggest coin was down by six percent in 24 hours.
ether fell 8% and XRP sank 15%.
Analysts said the drop was due to the Russia-Ukraine crisis. Russian President Vladimir Putin ordered troops into eastern Ukraine after declaring them independent.
The move has fueled fears of a full-blown invasion, sending global stocks sharply lower.
Proponents of the virtual currency say it should be a store of value in times of uncertainty because it is a safe haven asset.
As more institutional investors have begun to trade it, the case for it as a sort of digital gold has broken down.
The all-time high of $68,000 was reached in November 2021, and some investors believe that this is as good as it gets for thecryptocurrencies for some time.
According to Du Jun, the next bull market for bitcoin won't happen until at least 2024.
It will not be until the end of the year of 2024 to begin of the next bull market on bitcoin, according to Du.
The halving of the digital currency reduces the rewards that miners get for transactions that are verified.
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