The world's biggest bank calls Ethereum the digital future's "digital oil."


Despite Friday's predictions, SEC has not commented on ETH ETF S-1s.

Ethereum's current sell-off may be brief due to optimistic occurrences.

Ethereum (ETH) fell over 6% on Tuesday as the crypto market fell. Despite gloomy opinion, the Industrial & Commercial Bank of China called Ethereum "digital oil."

Daily digest: SEC quiet, ICBC praises ETH
ICBC, the world's biggest bank, praised Ethereum and Bitcoin's progress in a recent study. The bank called Ethereum "digital oil," comparing it to Gold because to its scarcity and "providing a strong platform" for Web3 technologies.


Read: Ethereum ecosystem earns well in Q1, issuers intend to sell ETH as the ‘ultimate app store’

"Ethereum has been continuously upgrading its technology in terms of security, scalability and sustainability, providing technical power for the digital future," the study said.

On Tuesday, more than a week after potential spot ETH ETF issuers submitted their S-1 registration statements on May 31, the SEC has not responded. On June 7, issuers awaited agency comments on their submissions. A source informed The Block that they anticipate SEC responses this week after not receiving any. Nate Geraci said issuers will submit further changes following the SEC's remark.

On May 23, the SEC allowed spot ETH ETF 19b-4 registrations. The government must approve issuers' S-1 registration statements before spot ETH ETFs may trade. Last week, SEC Chair Gary Gensler told Reuters that issuers' response time to the agency's remarks determines S-1 clearance.

Hong Kong's decision to enable ETH ETF staking lowers Ethereum's price.

While waiting, issuers aim to sell ETFs as “producing tech stock” or the “ultimate app store.”

ETH technical analysis: Ethereum's drop may be brief
On Tuesday, Ethereum fell almost 6% to $3,490. QCP Capital said the market is risk-off ahead of the June 12 CPI data and Federal Open Market Committee meeting.

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