News of a BlackRock Ethereum ETF fueled a surge in ETH forked altcoins, leading to Ethereum Classic surging above the $18.00 resistance level and raising hopes for further price gains.<\/p>\n
The notable increase in trading volume and price recovery indicates the participation of significant market players taking long positions, bolstering the strength of the recent upward movement in the $ETC cryptocurrency.<\/p>\n
BlackRock, the asset management giant, made an official filing for a spot Ethereum exchange-traded fund on Thursday, November 16, reinforcing its commitment to cryptocurrency investments amidst growing investor optimism for ETF approvals.<\/p>\n
The proposed iShares Ethereum Trust, awaiting approval for listing on Nasdaq, aims to provide investors with exposure to Ethereum, the second most popular cryptocurrency<\/a>, without direct ownership.<\/p>\n While past SEC approvals have focused on futures-based crypto ETFs, the SEC’s concerns about fraud and manipulation in the spot crypto market raise questions about the regulatory approach to BlackRock’s potential Ether ETF.<\/p>\n The outcome could significantly impact Ethereum’s regulatory standing, potentially aligning it with Bitcoin from the SEC’s perspective.<\/p>\n Ethereum Classic emerged as a hard fork of Ethereum in July 2016, aiming to preserve the original Ethereum blockchain in its unmodified state. It functions as a smart contract network capable of hosting and supporting decentralized applications<\/a> (DApps), with its native token being $ETC.<\/p>\n Ethereum Classic’s primary objective is to maintain Ethereum’s original blockchain structure without altering it to address the DAO hack. As a voluntary organization, $ETC’s developers have no intention of transforming the network into a profit-driven entity.<\/p>\nEthereum Classic Brief Overview<\/h2>\n