Asia Crypto News: Vitalik’s Plan Could Propel ETH to $3,000 and Crypto Gains Popularity in Korea

Ethereum’s potential rise to $3,000 hinges on Vitalik Buterin’s scalability plans. With South Korea’s new left-leaning government expected to bolster crypto and stablecoin policies, traders are watching closely. Notably, Kim from Hashed points out that crypto is now more popular than the stock market in Korea. In related news, Circle is moving forward with its IPO while Congress continues deliberating on crypto regulations, amidst mixed market sentiment.

In the latest Asia crypto news, Ethereum’s potential to hit the $3,000 mark is tied to Vitalik Buterin’s strategy aimed at improving Layer 1 scalability. Hashed CEO Simon Kim believes the new government under President Lee Jae-myung will continue to support crypto and stablecoin policies. Interestingly, Kim notes that crypto has eclipsed stocks in popularity among South Koreans, with 16.29 million active crypto traders versus 14.24 million stock traders.

As the day unfolds in Asia, traders are cautiously watching Ethereum’s movement, currently aiming for $2,600. According to OKX’s Chief Commercial Officer, Lennex Lai, Vitalik’s plans to boost Ethereum’s base layer could indeed elevate the cryptocurrency’s value significantly. He suggests if successful, ETH could clear the $3,000 hurdle by reducing reliance on Layer 2 solutions, which have been used to enhance transaction speeds and scalability.

Buterin’s recent remarks at ETHGlobal in Prague highlight this focus on scaling Layer 1, something Lai believes could be transformative. Data from the past week show ETH perpetual futures accounted for 44.2% of trading volume, indicating that savvy investors are closely monitoring this evolution. Market watchers should also consider critical macro events, such as the U.S. jobs report and ECB decisions, which may influence the immediate appetite for risk and affect ETH prices.

The CEO of Hashed, Simon Kim, has a finger on the pulse of South Korea’s shifting crypto landscape. He claims that under the new administration, crypto will remain robust and politically important, especially as politicians seek to attract voters. Kim anticipates discussions around stablecoin policies will advance, although he warns that introducing a stablecoin backed by the Korean won might face significant hurdles due to strict capital controls.

Stablecoins are indeed solidifying their role in the market, as they currently account for around 10% of total crypto trading volume in Korea. Kim suggests that beyond functioning as a payment network, they could help develop a unique digital platform that enables smart contracts and fosters an autonomous economy. There’s also a growing conversation about wisely integrating stablecoins into the broader financial system, acknowledging their capacity for taxation and regulation.

Moving beyond crypto, Kim sees potential for significant investment in AI under President Lee’s leadership, though he’s cautious about claims of establishing a sovereign AI platform. He argues Korea’s expertise lies in “physical AI,” tailored toward sectors like semiconductors and advanced manufacturing—domains where the country has proven strengths. Kim’s enthusiasm for this targeted approach signals potential optimism for future developments in the tech sector.

In other market news, Circle has priced its IPO at $31 per share—exceeding expectations—and will start trading under the ticker “CRCL” on the New York Stock Exchange. This is pivotal, especially after their previous SPAC attempt fell short. The IPO comes amidst greater legislative attention toward digital assets, which might help restore confidence in the market after a rocky patch.

Meanwhile, Congress is tackling crypto regulation through the Digital Asset Market Clarity Act. U.S. House Republicans are pushing for regulatory frameworks aimed at curbing crypto’s offshore migration. However, Democrats express concern about the pace and complexity of this legislation, raising potential conflict-of-interest issues with President Trump’s crypto-related activities. Calls for transparency and consumer protection continue as the debate progresses.

When it comes to the numbers, Bitcoin, unfortunately, witnessed volatility, swinging 1.67% as it faces hurdles above $105,000, while Ethereum is enjoying a slight rebound, climbing 4% as investors make moves. Gold is performing robustly, rallying over 0.80% as it benefits from safe-haven demand due to economic uncertainties. Japan’s Nikkei 225 index is down 0.39%, influenced by apprehensions about the U.S. job market cooling, while the S&P 500 ended on a positive note, buoyed by tech stocks amid varied economic sentiments.