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Asia Morning Briefing: Vitalik’s Plan Can Bring ETH to $3,000 and Crypto ‘More Popular’ Than Stocks in Korea

Good Morning, Asia. Here’s what’s making news in the markets:
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.
Macro Events and Vitalik’s Bold Plan to 10x Ethereum Layer 1 Could Propel ETH Past $3000: OKX’s Lennix Lai
ETH traders are eying $2600 as Asia begins its business day, but OKX’s Chief Commercial Officer Lennix Lai sees an easy path for the token to hit $3000 if Vitalik Buterin can get rid of Ethereum’s reliance on Layer-2s.
Layer 1 refers to the main blockchain infrastructure, such as Ethereum itself, while Layer 2 solutions are secondary systems built on top of Layer 1 to enhance scalability and speed up transactions.
«Vitalik’s pivot to scale Ethereum Layer 1 by 10x will be a game-changer, shifting focus away from heavy reliance on Layer 2 solutions like sharding,» Lai said in a note to CoinDesk, referring to recent comments Buterin made at ETHGlobal Prauge.
«On our platform, ETH perpetual futures made up 44.2% of trading volume over the past 7 days, showing us that sophisticated investors are closely tracking this evolution,» he continued.
Lai points to this week’s key macro events, like the ECB’s rate decision and U.S. jobs data, as factors that could significantly impact risk-on appetite, potentially pushing ETH past $3,000 short-term, though Ethereum’s long-term success hinges on Vitalik’s ambitious roadmap.
Elsewhere, CoinDesk Research’s technical analysis model bot highlights Ethereum’s resilience above critical support at $2,600, driven by institutional inflows nearing $1.2 billion and significant whale buying, positioning ETH for a possible altcoin rally.
Hashed CEO Simon Kim Says Korea Election Boosts Crypto, Stablecoins, and AI
Simon Kim, the CEO of Korea’s largest crypto fund Hashed, believes crypto has become a critical force in South Korean politics, and it’s going to be business as usual for the industry under the country’s new left-leaning President Lee Jae-myung.
«Officially, crypto is more popular than the stock market in Korea,» Kim said in a recent interview with CoinDesk.
He pointed to data showing 16.29 million daily active crypto traders compared to 14.24 million active equity traders, noting that political parties now see supporting crypto as essential to winning elections.
South Korea’s crypto policies also continue to be closely tied to U.S. regulatory developments, according to Kim.
«All the Korean politicians are following the U.S.,» he explained, noting how American institutions and regulators are guiding global standards. Kim added that Korea’s previously set crypto capital gains tax policy, scheduled to begin in early 2027, remains unchanged.
Kim expects Lee’s administration to develop stablecoin policy, as they currently account for about one-tenth of Korea’s crypto trading volume.
Issuing a stablecoin in Korea might be complicated because the Korean won is a tightly controlled onshore currency with strict capital restrictions, making it challenging to integrate into borderless crypto markets.
Kim said that in his conversations with some policymakers, they say there is «no kind of benefit to adopting stablecoin won in the Korean market,» given its advanced payments ecosystem.
But stablecoins are here to stay, as Kim says they already account for one-tenth of trading volume in the country, and there’s a growing recognition that they need to be safely integrated into the economy, where they can be taxed.
«Stablecoins are not just a payment network,» he said. «It’s building a unique digital platform enabling smart contracts and making an autonomous economy.»
Beyond crypto, Kim expects Lee’s administration to pursue substantial investment in artificial intelligence.
Yet Kim expressed skepticism about plans to create a sovereign generalized AI platform comparable to U.S. giants like OpenAI.
Instead, he argued Korea’s strength is in «physical AI», building specialized solutions tailored to sectors where Korea excels, including semiconductors, electronics, and advanced manufacturing.
“I believe the new administration has some sense that we have unfair advantages in the physical AI ecosystem. That’s the point I’m very excited about,” he said.
News Roundup
Circle Prices IPO at $31 Per Share
Circle priced its IPO at $31 per share, surpassing the anticipated range of $24 to $26, raising approximately $1.1 billion and valuing the stablecoin issuer at around $6.9 billion, CoinDesk previously reported. The offering included about 34 million shares, significantly more than the initially planned 24 million, indicating strong market demand.
Trading under the ticker «CRCL,» Circle will debut Thursday on the New York Stock Exchange, marking a major milestone after a previous failed SPAC attempt in 2021. As issuer of the USDC stablecoin, Circle’s listing arrives amid renewed legislative interest in digital assets and potential regulatory clarity, potentially strengthening investor confidence amid recent crypto volatility.
Trump’s Crypto Connections Under Scrutiny as US Congress Debates Crypto Regulation Bill
U.S. House Republicans are advancing legislation to regulate crypto markets through the Digital Asset Market Clarity Act, CoinDesk previously reported, holding two hearings Wednesday in preparation for a potential committee markup next week.
Republicans argue the bill urgently addresses the crypto industry’s demand for clear regulatory frameworks to prevent innovations from moving offshore, highlighting the risk of the U.S. falling behind Europe and Asia in crypto oversight.
Democrats, however, criticize the legislation as rushed, complex, and lacking sufficient consumer protection, particularly citing unresolved conflict-of-interest concerns related to President Donald Trump’s personal cryptocurrency business activities. Democrats insist the bill needs stringent safeguards and transparency measures, as Representative Jim Himes emphasized, to secure bipartisan support, while Republicans largely dismiss these allegations as politically motivated distractions.
Market Movements:
- BTC: Bitcoin saw notable volatility, swinging 1.67% amid significant institutional withdrawals, struggling to hold support above $105,000 as trade disputes heightened market uncertainty.
- ETH: Ethereum surged 4%, rebounding from a strong support near $2,590 driven by institutional buying and whale accumulation, forming a potential base for an upward breakout.
- Gold: Gold rallied over 0.80% to $3,382, recovering from a $3,343 low after weaker U.S. economic data and escalating US-China trade tensions boosted safe-haven demand
- Nikkei 225: Japan’s Nikkei 225 dipped 0.39% at the open amid mixed Asia-Pacific trading, driven by concerns over a cooling U.S. job market
- S&P 500: The S&P 500 closed modestly higher at 5,970.81 Wednesday, supported by tech shares despite concerns over weak hiring data and escalating trade tensions.
Elsewhere in Crypto:
- Trump’s CFTC pick Brian Quintenz set for Senate hearing on June 10 (The Block)
- Ethereum Foundation expects 2025-26 to be ‘pivotal’ for the ecosystem as it reforms its treasury management (The Block)
- Vitalik Buterin Uses Privacy Tool Railgun Again, Signaling Ongoing Embrace of On-Chain Anonymity (CoinDesk)
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Bitcoin Holds Above $105K Despite Donald Trump’s Threats Against Elon Musk

Bitcoin BTC held firm above $105,000 on Saturday despite an unusually combative and personal escalation in the Trump-Musk feud that could rattle traditional markets next week.
On Saturday, in a phone interview with NBC News, President Trump warned that there would be “serious consequences” if Elon Musk financially backed Democratic candidates running against Republicans who support the GOP’s budget bill. “If he does, he’ll have to pay the consequences for that,” Trump said, adding later, “He’ll have to pay very serious consequences if he does that.”
Trump, who has often boasted of past support from Musk, firmly dismissed the idea of mending ties. “No,” he said when asked whether he wished to repair the relationship. “I would assume so, yeah,” he added when asked if the rift was permanent.
Despite the intensifying feud between two of the most influential figures in U.S. politics and technology, Bitcoin remained unfazed. The cryptocurrency held onto earlier gains and continues to trade near weekly highs. The market’s composure suggests that traders may increasingly view BTC as a hedge against institutional dysfunction, or at least as an asset insulated from the partisan fallout that tends to impact equities more directly.
Technical Analysis Highlights
- BTC traded in a 24-hour range of $1,162 (1.13%), from a low of $104,624 to a high of $105,786, according to CoinDesk Research’s technical analysis model.
- Strong support formed at $104,800, where above-average volume confirmed buyer interest.
- Resistance at $105,200 was broken and has since flipped into a short-term support zone.
- Volume peaked at 378 BTC during key breakout moments, especially around 13:43–13:46 and 13:53.
- A short consolidation occurred between $104,300–$104,600 before the final surge to near highs.
- An ascending price channel remains intact, showing bullish structure despite intermittent pullbacks.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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Ether Holds Steady Above $2,500 as ETF Demand Signals Institutional Confidence

Ether ETH has rebounded firmly from key support near $2,460, recovering losses and stabilizing above the $2,500 threshold amid broader market volatility.
The rally follows a higher low formation backed by above-average volume, signaling growing market confidence.
Institutional participation appears to be reinforcing the trend, with BlackRock’s ETHA ETF reporting $492 million in net inflows last week.
Total holdings now exceed $4.84 billion, reinforcing long-term bullish sentiment even as price action remains sensitive to geopolitical developments.
Traders are watching to see if ETH can challenge resistance in the $2,520–$2,530 range.
Technical Analysis Highlights
- ETH traded within a $72 range over 24 hours, from a low of $2,460.35 to a high of $2,532.41.
- A key support zone formed at $2,460–$2,470, where ETH bounced on strong volume during midnight hours.
- Final hour surge reached $2,515.11, backed by 5,919 ETH in volume.
- Higher low structure established with interim support at $2,485 and resistance at $2,503.
- Final retracement held support at $2,507, with price consolidating around $2,510 into the close.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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Coinbase, BiT Global End Legal Fight Over WBTC Delisting

Coinbase and BiT Global have reached a legal settlement that ended their dispute over the delisting of BiT Global’s wrapped bitcoin (wBTC) token on Coinbase.
According to a joint court filing, BiT Global has agreed to dismiss its lawsuit against the crypto exchange with prejudice, meaning the case cannot be brought again in the future. The filing notes that both companies will cover their own legal expenses.
BiT Global had filed the lawsuit last year in the Northern District of California after Coinbase delisted the token over what it said was “unacceptable risk” that the tokenized BTC would “fall into the hands of Justin Sun.”
Sun became affiliated with wBTC in August last year through a partnership, prompting Coinbase to question BiT Global about his role. Sun, a Chinese-born crypto billionaire, has nevertheless been supporting the token, with World Liberty Financial dropping its cbBTC for wBTC after he joined as an advisor.
The suit alleged the exchange’s decision was unjustified and harmed the token’s liquidity and reputation while favoring Coinbase’s competing asset cbBTC. Coinbase launched cbBTC just two months before announcing it was delisting wBTC.
The dismissal does not disclose any settlement terms beyond the cost arrangement.
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