February 25, 2022: -Cryptocurrencies fell sharply on Thursday after Russia launched an attack on Ukraine.

Bitcoin was down about 5.8% at $35,448.30 around 6:50 a.m. ET on Thursday, according to CoinMetrics data. Earlier, the cryptocurrency dropped over 8% to touch $34,702.18, marking its lowest level in a month. Ether fell roughly 9.5% to trade around $2,375.84.

More than $150 billion has been wiped off the entire cryptocurrency market in the previous 24 hours, according to Coinmarketcap data.

The drop in cryptocurrency prices comes as global equity markets tumble following Russia’s military attack on Ukraine. NBC News reported that explosions were heard in Kyiv, the Ukrainian capital.

Cryptocurrencies’ price moves are often correlated to other risk assets such as stocks.

“Risk assets continue to be weighed down by the Russia-Ukraine conflict and tensions. This includes Bitcoin and cryptocurrencies, which are currently still very much viewed as a high-risk asset class,” said Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno.

The U.S. and the U.K. have slapped sanctions on Russian banks, individuals, and the country’s sovereign debt. The European Union will hold an emergency meeting on Thursday and reportedly unveil further sanctions on Russia.

Cryptocurrencies have been under pressure since bitcoin hit a record high of nearly $69,000 in November. Since then, bitcoin has fallen almost 50%.

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Ayyar said that bitcoin could see lows at around the $30,000 mark, with the critical level being the low of between $28,000 and $29,000 seen last July.

If bitcoin manages to hold above that, it could move to new highs later this year, Ayyar said. But he added that if the price falls below that, then bitcoin could move to the low $20,000 mark.

The previous week, the CEO of Chinese cryptocurrency exchange Huobi told CNBC that a new Bitcoin bull market may not happen until late 2024.