Macro Uncertainty Triggers 3.19% Decline for Ethereum Classic

Ethereum Classic (ETC) has declined by 3.19% over the last 18 hours, primarily due to a broad macro-driven risk-off move in the crypto market.

The main driver of this decline is the recent oil shock, with Brent crude jumping above $100 per barrel and WTI approaching the low $90s after Houthi attacks on Saudi oil tankers and increased Middle East tensions.

This has raised inflation and growth fears, leading to a selloff in US and global equities, particularly tech stocks and the Nasdaq 100.

The total crypto market cap also lost around 1-2% in a single day, with Bitcoin slipping toward the mid $64,000s.