Russia launched an attack on Ukraine.
At 2:25 a.m., it was down more than 8%. On Thursday, according to data from coindesk. That was the lowest level in a while. The price of ether was $2,325.18.
In the last 24 hours, more than $150 billion has been wiped off the entire market.
As global equity markets tumble following Russia's military attack on Ukraine, the price of cryptocurrencies has dropped. There were explosions in the Ukrainian capital.
Cryptocurrencies price moves are correlated with other risk assets.
Risk assets are being weighed down by the Russia-Ukraine conflict. The vice president of corporate development and international at Luno said that cryptocurrencies are still viewed as a high risk asset class.
The U.S. and the U.K. imposed sanctions on Russian banks, individuals and the country's debt. An emergency meeting of the European Union will take place on Thursday.
Cryptocurrencies have been under pressure since they hit a record high. Since then, the price of the virtual currency has fallen.
Ayyar said that the key level for the currency could be between $28,000 and $29,000.
Ayyar said that it could move to new highs later this year if it holds above that. He said that if the price falls below that, then it could move to the low $20,000 mark.
Last week, the CEO of Huobi told CNBC that a new bull market in cryptocurrencies may not happen until late 2024.
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