Kategorie: Crypto News

• Bybit has been in the process of expanding its service offerings.
• Bybit received “in-principle” approval from the Astana International Financial Centre to begin operations in Kazakhstan.
• The exchange will begin operating as a digital asset trading facility and as a custody services provider in the country.

Bybit has announced that it has received an “in-principle” approval from the Astana Financial Services Authority (AFSA) to start operating as a digital asset trading facility and as a custody services provider in Kazakhstan.

Commenting on the achievement, the co-founder and CEO of Bybit, Ben Zhou, stated that the Commonwealth of Independent States (CIS) as a region provides promising potential for the crypto industry.

Bybit expansion drive

Bybit has been in the process of expanding its service and product offering over the past few months.

The most recent move was its announcement on May 2 that it will start offering crypto lending services.

In March this year, Bybit announce a partnership with Mastercard for a new debit card to allow crypto payments.

Kazakhstan and cryptocurrencies

In February, local officials in Kazakhstan announced new regulations requiring 75% of the revenue made from crypto mining to be sold through a crypto exchange as the country cracks down on tax evasion in the industry.

Kazakhstan recently announced that it had collected about $7 million in crypto taxes in 2022. The country is also in the pilot phase of its digital current development.

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• Fantom blockchain will reward projects that contribute toward high usage of gas fees.
• The move aims at driving increased demand for block space.
• Eligible applications will be rewarded 15% of the gas fees they produce.

In a move to drive demand for block space on the Fantom blockchain, the blockchain has announced that it will reward projects that use the network and contribute high usage gas fees. Eligible applications will be given back 15% of the gas fees they produce thus giving developers some extra income.

The move is also expected to help add value to the FTM token, which at press time was trading at $0.3405, up 2.21% in the past 24 hours.

Fantom dApp Gas Monetization Program

The recent announcement is part of Fantom’s initiative called the “dApp Gas Monetization Program,” which was passed through a community governance vote earlier this year.

The dApp Gas Monetization Program proposal sought to bring down Fantom’s current token burn rate to direct more network fees to applications being built on the blockchain. Now that the proposal already passed, its implementation will reduce the burn rate from 20% to 5%.

Part of the gas fees saved from the reduced burn rate will be redirected towards gas monetization.

To be specific, the gas monetization program will reward in-demand applications and retain developers.

Projects already benefiting from the monetization program

According to on-chain data, some projects are already benefiting from the monetization program after the Sunday announcement that saw the start of the implementation of the passed proposal.

For example, decentralized exchange SpookySwap (BOO/USD) has earned 978 FTM ($300), while cross-chain bridge Stargate Finance (STG/USD) has earned 8,300 FTM ($2,600).

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• MASK price is up by double digits today and 17% this past two weeks.
• Most of the gains have come after the team announced it had invested in The Open Network (TON) network.
• MASK price remains nearly 90% down from its all-time high of $41.45.

Mask Network (MASK), a decentralized social network seeking to bridge Web2 and Web3 apps, has seen its price increase by over 10% in the last 24 hours. The current price of MASK is $4.40.

MASK price is up more than 17% this past two weeks.

Why is the price of Mask Network (MASK) up today?

There seems to have been no particular trigger for MASK price rallying by double-digits today. However, it is likely the project’s recent announcement of an investment in The Open Network (TON) continues to boost investor confidence and aiding buying pressure.

Another reason could be the uptick seen today across the broader cryptocurrency market.

Bitcoin price traded above $27k again after it came close to dipping under $26k earlier in the week. This comes after news the US had struck a deal on its debt ceiling, and with BTC up, it’s likely the sentiment cascaded into small cap altcoins like MASK.

At the time of writing, Mask’s daily trading volume is well over $80 million, representing a 148% jump in the past 24 hours. The spike in market activity has seen Mask Network, which is ranked 110 on CoinGecko, hit a market cap of about $354 million.

MASK price prediction

Despite the gains, MASK price remains nearly 90% down from its all-time high of $41.45. The token hit the ATH February 24, 2021.

The current value is however 352% higher than the all-time low of $0.976528, hit on Oct 13, 2022 and today’s gains could, therefore, see traders seek to take profits. While this could happen, some analysts believe that the token is primed for a breakout.

Crypto analyst Captain Faibik says MASK could see a breakout as shown in the chart below shared on Twitter.

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• LTC bulls need to break above $93, a key hurdle below the psychological level of $100.
• MATIC must reclaim $1 to target the $1.30-$1.50 range, or risk dip to $0.75.
• Elsewhere, ARB is near a key resistance level as Arbitrum price jumps 3.9% amid the market’s reaction to US debt ceiling news.

The US has reached a “tentative deal” on its debt limit crisis after a week of high uncertainty. With the news of the deal seeping through the markets, cryptocurrencies reacted slightly positively as Bitcoin and Ethereum prices rose above $27k and $1.8k respectively.

The outlook was also visible across the top 10 altcoin market, with sentiment relief showing as Litecoin (LTC), Arbitrum (ARB), and Polygon (MATIC) moved up. Even then, markets remain largely weak as May comes to a close.

Here is what a respected crypto analyst has predicted for LTC, ARB and MATIC.

Litecoin price prediction: $93 key to LTC bulls

In March, LTC creator Charlie Lee offered a huge Litecoin price prediction. Pointing to the 14th ranked cryptocurrency (by market cap today), Lee said Litecoin price could rise to 0.0125 BTC in a new bull cycle. He also believed a downside for LTC could find support at 0.0025 BTC.

The current LTC price is above this latter level as it trades near $89.40 or 0.0032 against bitcoin. In recent weeks, analysts have pointed to Litecoin’s upcoming halving as a likely trigger for fresh upside momentum.

According to crypto analyst Michael van de Poppe, bulls need to break above a key resistance at $93 on the higher timeframe. The psychological $100 level would then be in sight as buyers eye a halving rally, he tweeted. 

“Many squigglies on this chart, but higher timeframe resistance is at $93. Currently, support found at $82 and a strong bounce -> weekly candle looks good. Next week breaking through $93 and the Halving rally might start.”

Polygon price prediction: MATIC needs to break above $1 again

MATIC has traded lower since March, with an attempt to flip higher running into rejection in April as price fell below $1.00 (CoinJournal highlighted the subsequent price movement here). Although it remains below the dollar, bulls might have the upper hand if they reclaim control above $0.95.

Currently, MATIC/USD is around $0.92. According to van de Poppe, MATIC has bounced well above this key area since its NFT announcement during the F1 Monaco GP. Can bulls build momentum from here?

“I really want to see it flip $0.95, then we can accelerate towards $1.30-1.50. If that’s not the case, then short is activated and longs can be taken at $0.75,” the analyst said in reply to one of the requests for altcoin analysis.

Arbitrum price prediction: ARB is near key resistance

Arbitrum, which was trading at $1.20 and 3.9% up in the past 24 hours at the time of writing, needs to hold above the $1.18 level to give bulls an upside boost. That could aid momentum to $1.30, van de Poppe noted.

“Again, into resistance. This means, entries are available at $1.10. If it doesn’t clearly break & flip the resistance at $1.18, I’d assume shorts are triggered when falling back sub $1.18. Otherwise, long continuation trade towards $1.30.”

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