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Ethereum (ETH) has dropped by nearly 4% in the past 24 hours after the European Central Bank (ECB) hiked interest rates by 25 basis points.
Even though this was a widely expected move, the market is reacting with a sell-off as it occurs in the context of persistent inflation across developed economies and higher oil prices.
Crude prices just jumped above $100 once again, as the United States continues to attack Iran and tensions in the Middle East keep escalating.
"The outlook remains highly uncertain, with risks to the upside for inflation and to the downside for economic growth," highlighted the ECB's Governing Council in a press release published today.
