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Benzinga
Benzinga
Business
Melanie Schaffer

Why Ethereum Classic May Be Headed Toward $40 As Russia-Ukraine War Rages On

ETC

Ethereum Classic (CRYPTO: ETC) was trading almost 3% lower on Wednesday afternoon in sympathy with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which were consolidating down about 1.8% and 1.7%, respectively.

The cryptocurrency sector received a boost after the U.S. and its allies imposed harsh sanctions effecting Russian banks that have crippled the Russian economy and dropped the value of the Ruble to under 1-cent USD. Ironically, the historically volatile cryptocurrency sector may provide the most stable payment and even savings option available to many Russians at this time.

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