Show me the Billions

Hello, and welcome to De.Nomics newsletter, your daily digest to stay ahead in the world of Web3 and decentralized technologies at a regional focus. Today, we have plenty of trending news and stories. So, get your cup of tea and some biscuits, and let’s go ahead.
If a friend forwarded this email to you, you can subscribe for free.

The Blends Briefs
TL’DR: Here’s a sneak peek into today’s newsletter

• Finally, BTC Spot ETFs are approved.

• 30% of crypto games have been discontinued in 2023

• BlackRock CEO Larry Fink backs Ether ETF.

• Singapore bill would expand control over crypto financial products.

• U.S. Bitcoin ETFs may violate South Korean local law.

• Dictionomics: Halving

Global Biscuits

Finally, BTC Spot ETFs are approved.
The U.S. Securities and Exchange Commission (SEC) has approved the first spot bitcoin exchange-traded funds (ETFs). Eleven ETFs from sponsors, including Fidelity, Invesco, Grayscale, and Ark Invest, have been cleared to list, and trading has already started. The approval comes after months of anticipation and a legal battle, marking a significant development for the crypto market. The SEC has been cautious about spot bitcoin ETFs due to concerns about market manipulation and fraud. The decision is expected to provide U.S. investors with regulated access to bitcoin without the risks associated with unregulated exchanges.

The newly minted spot Bitcoin ETFs experienced a strong start, with a total volume of $4.5 billion on their first day of trading. BlackRock's iShares Bitcoin Trust (IBIT) accounted for nearly $1 billion in volume, making up 22% of the total volume across all 10 spot Bitcoin ETFs. Despite a strong start, IBIT closed the day down 4.6% from its open. Additionally, Grayscale Bitcoin Trust (GBTC), a crypto-native digital asset manager, achieved an all-time high daily volume of 56 million shares, surpassing its previous high of 40 million shares on May 25, 2017.

30% of crypto games have been discontinued in 2023
Recent data compiled by Big Blockchain Game List suggests that more than 30% of crypto games, or an estimated 410 blockchain games, were discontinued or became inactive in 2023. The most common reason for marking a game as "discontinued" was a prolonged period of no updates or activity, with some games making public announcements about stopping development, citing market conditions or a lack of funding. Notable blockchains with the most discontinued games include Binance's BNB Chain, Polygon, Ethereum, and Solana. The discontinuation rate in the blockchain gaming sector is in line with the broader gaming industry, where 43% of non-crypto mobile games are cancelled during development.

BlackRock CEO Larry Fink backs Ether ETF.
Larry Fink, the CEO of BlackRock, has expressed support for an Ethereum (ETH) exchange-traded fund (ETF) a day after the launch of the Bitcoin ETF. Fink sees value in having an Ethereum ETF and views these ETFs as stepping stones toward tokenization. He believes that tokenization is the future and can address issues related to money laundering and corruption. BlackRock's iShares Bitcoin Trust (IBIT) was among the ETFs that debuted after receiving approval from the U.S. Securities and Exchange Commission (SEC). Fink does not view cryptocurrency as a currency but as an asset class, comparing Bitcoin to gold in terms of its role in protecting against geopolitical risk.

Tastes of the regions

Singapore bill would expand control over crypto financial products.
The Monetary Authority of Singapore (MAS) could receive expanded powers under the Financial Institutions (Miscellaneous Amendments) Bill 2024, pending approval from the country's parliament. The proposed changes include expanding MAS' authority to issue directions to capital markets services license holders conducting unregulated business, particularly related to cryptocurrency products like Bitcoin futures and payment token derivatives traded on overseas exchanges. The bill aims to address potential contagion risks from unregulated activities. If passed, the changes could impact cryptocurrency exchanges that hold capital markets services licenses or major payment institution licenses.

U.S. Bitcoin ETFs may violate South Korean local law.
The Financial Services Commission (FSC) of South Korea has stated that recently-listed U.S. bitcoin exchange-traded funds (ETFs) may potentially violate Korean law. The FSC expressed concerns that domestic brokerage of U.S.-listed bitcoin spot ETFs by Korean securities firms could conflict with the country's Virtual Asset User Protection Act and the Capital Markets Act. The regulatory body plans to conduct further review and consideration of the matter. Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), is scheduled to meet with his Korean counterpart in Washington, DC, later this month.

Dictionomics:    Halving

In May 2020, Bitcoin underwent its third halving, an event that reduces the supply of new bitcoins generated by miners every 10 minutes. This creates a scarcity effect that increases the demand and value of Bitcoin over time. According to some experts, halving cycles have a lasting impact on Bitcoin's price movements, as they create a four-year cycle of bull and bear markets. The current cycle, which started in 2020, is expected to peak in 2024, possibly reaching as high as $250,000 per Bitcoin.

That’s it for today. If you enjoyed it, forward this issue to your colleagues. If someone forwarded this email to you, subscribe for free here to receive our issues directly in your inbox. We are encouraging whistleblowers with evidence/ If you have any stories you think we should cover, please feel free to share them and write back to us.