In a dynamic twist that could reshape the crypto landscape, Ethereum’s co-founder Vitalik Buterin is charting a course to potentially propel Ether (ETH) prices beyond $3,000. As Asia kicks off its trading day, ETH hovers around $2,600, with the market abuzz over Buterin’s daring strategy to supercharge Ethereum’s Layer 1 capabilities. OKX’s Chief Commercial Officer Lennix Lai suggests this ambitious move could dethrone the network’s reliance on Layer 2 solutions and set the stage for Ethereum’s next big leap.
Vitalik’s Vision: A New Era for Ethereum
Vitalik Buterin’s latest comments at ETHGlobal Prague have sparked considerable interest. His vision? A tenfold increase in Ethereum’s Layer 1 scalability, potentially sidelining Layer 2 solutions like sharding. “Vitalik’s pivot to scale Ethereum Layer 1 by 10x will be a game-changer,” stated Lennix Lai in a note to CoinDesk. This shift could diminish Ethereum’s dependence on secondary systems, streamlining operations and possibly catalyzing a significant price surge. For more on the growing confidence in Ethereum’s price levels, see our recent analysis on ETH’s $1.8K level.
On OKX, ETH perpetual futures accounted for a substantial 44.2% of trading volume over the past week, underscoring investor enthusiasm. The excitement isn’t unwarranted—key macro events, including the European Central Bank’s rate decision and U.S. jobs data, loom large. These factors could influence risk appetite, potentially nudging ETH past the $3,000 mark in the short term, though Buterin’s road map remains crucial for long-term success.
South Korea: Crypto’s Rising Political Star
Meanwhile, in South Korea, crypto is not just a financial instrument—it’s a political powerhouse. Simon Kim, CEO of Hashed, the country’s largest crypto fund, highlighted crypto’s ascendancy in local politics. Under South Korea’s new left-leaning President Lee Jae-myung, cryptocurrencies are poised to maintain their influential status. “Officially, crypto is more popular than the stock market in Korea,” Kim told CoinDesk, citing 16.29 million daily active crypto traders compared to 14.24 million equity traders.
Political parties are increasingly banking on crypto support to sway elections, with South Korea’s crypto policies closely shadowing U.S. regulatory developments. Kim noted that South Korean politicians are keenly observing American regulatory trends, even as the country’s crypto capital gains tax policy remains set for 2027.
Stablecoins, which constitute roughly 10% of Korea’s crypto trading volume, could also see policy development under Lee’s administration. However, Kim cautions that issuing a stablecoin tied to the tightly controlled Korean won presents challenges within the borderless crypto market. Despite these hurdles, stablecoins are gaining traction, heralding a new era of digital financial platforms and smart contracts.
The Broader Market Picture
As the crypto market digests these developments, Circle’s IPO pricing at $31 per share has captured attention. This move surpasses initial expectations and raises approximately $1.1 billion, valuing the stablecoin issuer at $6.9 billion. Trading under the ticker “CRCL,” Circle’s debut on the New York Stock Exchange marks a significant milestone amid renewed legislative interest in digital assets.
On the regulatory front, U.S. Congress is embroiled in a heated debate over a new crypto regulation bill. The Digital Asset Market Clarity Act aims to address the industry’s need for clear frameworks, but has sparked partisan wrangling. Democrats argue the bill lacks sufficient consumer protections, while Republicans emphasize the urgency of preventing innovations from fleeing overseas. For a perspective on how other cryptocurrencies are positioning themselves, see our coverage on Bitcoin DeFi’s user growth.
In the market, Bitcoin experienced notable volatility, while Ethereum rebounded by 4%, buoyed by institutional buying. Meanwhile, gold rallied on the back of safe-haven demand, and Japan’s Nikkei 225 dipped amid mixed trading signals.
Looking Ahead
The unfolding narratives around Ethereum’s potential upgrade and South Korea’s crypto-political landscape could have far-reaching implications. As these stories develop, questions remain about the sustainability of these trends and their ultimate impact on the global crypto market. With regulatory winds shifting and technological advancements on the horizon, the coming months promise to be anything but dull for the world of digital currencies.
Source
This article is based on: Asia Morning Briefing: Vitalik’s Plan Can Bring ETH to $3K and Crypto ‘More Popular’ Than Stocks in South Korea
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
