Ethereum Classic (ETC) experienced a significant decline of 10.4% to $32.40. Despite attempting to retest the support level at $35.00 on Thursday, a substantial 12.5% drop on Friday heightened the likelihood of further downside movement. This decline was influenced by Bitcoin (BTC), which also saw a significant decrease of 7.7% to $65,598 on Friday.

The drop in ETC coincided with Rhode Island Senator Jack Reed and California Senator Laphonza Butler urging Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), to thoroughly scrutinize spot Ethereum-ETF applications. This news negatively impacted BTC and the broader cryptocurrency market. Unfortunately, ETC failed to maintain its support at $35.00 and subsequently fell towards $30.00 per token.