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Swedish crypto broker Safello’s IPO oversubscribed by 1,240%

Swedish crypto broker Safello announced Wednesday that its initial public offering (IPO) has been oversubscribed by 1,240%.

The post Swedish crypto broker Safello’s IPO oversubscribed by 1,240% appeared first on The Block.

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Swedish crypto broker Safello announced Wednesday that its initial public offering (IPO) has been oversubscribed by 1,240%.

Safello had 40.5 million Swedish kronor (around $4.8 million) worth of new shares on the offer through the IPO, but it received bids for 502 million kronor ($59 million) worth of shares.

The oversubscription means there was a high demand for Safello’s shares, but the firm will allot only $4.8 million worth of shares to some 1,500 new shareholders.

“We are thrilled to see the great interest in Safello’s shares and what it signals for the future of our industry,” said Safello co-founder and CEO Frank Schuil. “The prospect of a cryptocurrency-based financial system is picking up steam in Sweden and beyond.”

Safello first announced its intention to go public on February 16. Last month, the firm received preliminary approval from Nasdaq Stockholm for listing on Nasdaq First North. The IPO subscription opened from April 19 through April 30. The listing is now expected on May 12 under the ticker SFL.

Last month, U.S. crypto exchange Coinbase went public on Nasdaq via direct listing, becoming the largest direct listing in history. Coinbase rival Kraken could also go public via direct listing next year.

Elsewhere in the crypto market, merchant bank Galaxy Digital is also in the process of U.S. listing. The firm is already public in Canada via the Toronto Stock Exchange. Crypto exchange Gemini is also considering going public.

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Source: https://www.theblockcrypto.com/linked/103824/swedish-crypto-broker-safello-ipo-oversubscribed?utm_source=rss&utm_medium=rss

Blockchain

DAO Maker (DAO) and Kyber Network (KNC) Technical Analysis: What to Expect?

Kyber Network and DAOMaker prices are still fragile. KNC/USDT may retest $2.3 in the short term, while DAO/USDT bulls are open for $3.5.

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Kyber Network and DAO Maker prices are still fragile, feeble despite traders’ optimism. KNC/USDT may retest $2.3 in the short term, while DAO/USDT bulls are open for $3.5.

DAO Maker (DAO)

DAO is the governance token of the platform seeking to create growth technologies and funding frameworks for startups.

Past Performance of DAO

Presently, prices are looking up after the plunge in the first half of Q2 2021.

Bottoming up from the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range, there are tinges of strength that must be confirmed.

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DAO is firm, confirming gains of last weekend.

Day-Ahead and What to Expect

If the middle BB guides, the path of the least resistance is southwards.

Even so, the close above $3 may provide the necessary foundation for more gains in the days ahead.

For the first time in more than a month, DAO/USDT is trending above the 20-day moving average.

DAO/USDT Technical Analysis

DAO Price Daily Chart for June 17

A market-wide recovery may boost DAO bulls, lifting confidence.

Sustained gains above $3 confirm a breakout. In that case, risk-off traders can load dips, aiming at $3.5.

Meanwhile, a change in fortune forcing DAO below $2.5 deflates bulls’ attempts.

Kyber Network (KNC)

The DEX is where traders can swap tokens without an intermediary. Their partnership with Polygon makes trading Gas-free. KNC is their primary token.

READ  Maker (MKR), Uniswap (UNI), and Origin Protocol (OGN) Technical Analysis: Bulls Next

Past Performance of KNC

KNC/USDT is confirmed in tight ranges in a defined downtrend.

Although there are signs of bulls, $2.3 still proves to be a strong liquidation line.

However, higher highs above the minor support trend line fortify bulls, cementing their resilience.

At press time, KNC hast posted marginal gains across the board, adding eight percent against ETH.

Day-Ahead and What to Expect

Presently, KNC prices are down 40 percent from Q1 2021 peaks. Even so, prices are flat-lining with resistance at $2.5.

The minor support trend line visible in the daily chart props bulls.

A close below $1.5 shifts strength to bears.

KNC/USDT Technical Analysis

KNC Price Daily Chart for June 17

KNC/USDT prices are within June 13 bull bar, signaling strength and bulls.

As such, if there is expansion above $2, confirming the double bar bullish pattern, risk-averse traders may find loading opportunities targeting $2.3—or March and April 2021 lows.

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Further gains may lift KNC/USDT towards $4.

On the other hand, KNC may collapse if $1.2 fails, mirroring losses of May 2021.

#DAO #DAO/USDT #DAOMaker #DeFi #KNC #KNC/USDT #Kyber Network

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Source: https://www.cryptoknowmics.com/news/dao-maker-dao-and-kyber-network-knc-technical-analysis-what-to-expect

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Blockchain

What is Short Selling Cryptocurrencies and Where to Do it?

Prediction markets are a relatively new type of trade and present another way of shorting cryptocurrencies.| Cryptoknowmics

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Successful trading on the stock market often requires a keen strategy of risk vs reward. This is no less true when trading in digital currency, where based on a variety of factors, market values will constantly and naturally increase and decrease. For investors predicting a crash in the market, or those looking to make a quick profit, short selling is an option to consider.

Short-selling, or ‘shorting’ as it is more commonly known in the trading world, is the investment practice of borrowing an asset, in this case, digital currency, with the intention of profiting once the trade value of the asset has dropped. To better understand, consider this example:

  • Five Bitcoins are borrowed and sold at the current market value of $5000, equaling $25000.
  • When the market value decreases to $4500, you’re able to repurchase the five Bitcoin for $22500.
  • This enables the investor to pay back the five Bitcoin and make a profit of $2500.

READ  New Bitcoin Regulations Prepare for Full Embrace of Digital Currencies

Ways to Short Cryptocurrency

If shorting is an option you are considering, there are several ways in which to do this. Traders may also want to consider using platforms dedicated to the exchange and trade of digital currencies.

Cryptocurrency Margin Trading

One of the simplest means of short selling is through using margin trading services offered by cryptocurrency exchanges. This allows traders to lend capital directly from the broker in order to make the trade.

The capital is borrowed at an interest rate that increases the leverage to the lender. The leverage involved is an essential factor to consider when shorting as it affects the profit and loss margin of the trader. A few of the more common platforms to conduct margin trading are:

  • Bitmex
  • Binance
  • Kraken
  • eToro

READ  FINMA Updates AML Guidelines for Crypto Exchange Transactions

Crypto Futures Market

A future trade is an agreement between two parties whereby the buyer agrees to purchase an asset at a set time in the future, at a set price. Futures contracts have become an increasingly popular method of trade as it is a straight-forward contract.

This type of contract is particularly beneficial when traders are skilled at predicting the rise or fall of market prices. This enables the buyer, should they anticipate a price surge, to secure the purchase at a predetermined price and profit from it later on. Trading in Futures is popular on exchanges such as:

  • eToro
  • Kraken
  • TD Ameritrade

Prediction Markets

Prediction markets are a relatively new type of trade and present another way of shorting cryptocurrencies. These markets allow traders to create an event of which the results may be wagered on. Traders may predict an incline by a certain margin, and profits made will depend on how many people decide to take up the bet. Platforms that can be found hosting prediction markets are:

  • Predictious
  • Fairlay
  • Weathbet

READ  How Can I Withdraw Bitcoin from imToken Wallet?

Conclusion

Short-selling crypto and bitcoin can be a rewarding experience and especially so for traders with an ability to read and predict market trends. There are many methods through which this trade can be made, with dedicated platforms on which to trade securely. Understanding the terms involved with the various markets will help you make the trades that are best for you and your pocket. For more information on short selling bitcoin and other cryptocurrencies, please visit Tradingbrower.

#Short Selling Cryptocurrencies

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Source: https://www.cryptoknowmics.com/news/what-is-short-selling-cryptocurrencies-and-where-to-do-it

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Blockchain

Futu Suspends Crypto Trading Amid China’s Crypto Crackdown

Online brokerage firm Futu Securities has reportedly suspended crypto futures contracts and trading services due to regulatory concerns in China.

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Online brokerage firm Futu Securities has reportedly suspended crypto futures contracts and trading services due to regulatory concerns in China.

Futu Suspends Crypto Trading Service

On 17th June, Chinese media publication Sina Finance reported that Futu Securities is halting its cryptocurrency trading services in response to the growing regulatory concerns in China.

Apparently, the platform’s customer service reported that the suspension will affect major contracts including CME Bitcoin futures, one of the world’s earliest Bitcoin (BTC) futures contracts.

However, non-futures crypto products like Grayscale Bitcoin Trust and the Osprey Bitcoin Trust will be still available on the brokerage platform.

Futu is backed by Chinese multinational tech conglomerate Tencent.

READ  State Council Committee Planning To Probe Into Alipay And WeChat Pay

During the first quarterly earnings call unveiled this month senior vice president Robin Li Xu told analysts that Futu would be applying for digital-currency-related licenses in the United States, Singapore, and Hong Kong.

The Beijing-based brokerage company apparently wanted to offer cryptocurrency trading, but for clients outside mainland China.

During the first quarter of the year, Futu saw its total revenues increasing from 349.4% year-on-year to $283.6 million with a global reach of 14 million and Q1 trading volume soaring to $289 billion, with more than 70% of the increase coming from Hong Kong, Singapore, and other overseas markets.

China Once Again Cracks Down on Crypto Trading

Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing cryptocurrency-related services.

Earlier this month, three financial industry associations in a joint statement from the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China in association with the PBOC directed their members not to indulge in any crypto services involving currency exchanges, registration, trading, clearing, and settlement.

READ  COMP Technical Analysis: Price May Fall Below $474.57

Additionally, institutions are also prohibited from providing cryptocurrency saving, trust, or pledging services and issuing financial products related to cryptocurrencies with crypto information services, insurance, and derivatives trading being also banned.

#China #Crypto Trading #Futu Securities

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Source: https://www.cryptoknowmics.com/news/futu-suspends-crypto-trading-amid-chinas-crypto-crackdown

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Blockchain

SushiSwap (SUSHI) and bZx Protocol (BZRX) Technical Analysis: What to Expect?

The bZx Protocol and SushiSwap prices are relatively stable. SUSHI/USDT is bearish below $10 while a close above $0.40 could see BZRX/USDT rally to $1.

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The bZx Protocol and SushiSwap prices are relatively stable but under pressure. SUSHI/USDT may sink to $6.5 if bulls fail to break $10. On the flip side, a close above $0.40 could see BZRX/USDT rally to $1.

SushiSwap (SUSHI)

Behind the swapping protocol with differentiated products on the menu is SUSHI. The token is for governance, allowing users to vote on proposals.

Past Performance of SUSHI

In reflection of the overall state of the crypto and DeFi scene, SUSHI prices are under pressure week-to-date, ticking lower below the primary resistance line despite revival efforts in early June.

READ  Musk’s Doubtful Dogecoin Scalability Claims Criticized By Vitalik Buterin

At the time of writing, SUSHI is stable versus the USD, posting losses over the last trading week.

Day-Ahead and What to Expect: SushiSwap

Provided SUSHI trades inside the bear bar—with a long lower wick of May 23—sellers have the upper hand.

The resistance to the upside is deflating for bulls.

If anything, SUSHI will remain under a bearish impression as long as prices trend below $10 and last week’s highs.

SUSHI/USDT Technical Analysis

SushiSwap Price Daily Chart for June 17

Aforementioned, SUSHI sellers have the upper hand as per price action in the daily chart.

As long as prices range inside the bear bar of May 23, every high may provide a liquidating opportunity for sellers targeting $6.5—the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range.

On the flip side, a high-volume push above $10, and the middle BB could build enough momentum for the next leg up to $13 and $23 in a buy trend continuation pattern.

READ  eToro Acquires Marq Million Ltd. To Offer Crypto Cards

bZx Protocol

Besides trading, the platform offers incentivized yield farming. At the center of all activities within this protocol is the BZRX token.

Past Performance of BZRX

BZRX prices are around January 2021 lows, consolidating, as bulls fail to unwind losses of April and May 2021.

At the time of writing, there has been a contraction. BZRX prices are down, losing five percent versus the greenback.

On the positive side, a breakout above the middle BB would likely trigger demand reversing minor losses of the European session.

Day-Ahead and What to Expect

BZRX/USDT prices remain in range, recently breaking above the middle BB—pointing to growing bullish momentum.

Nonetheless, prices are capped at $0.40 and $0.25 in a directionless market skewed toward sellers.

BZRX/USDT Technical Analysis

BZRX Price Daily Chart for June 17

Sustained gains above the middle BB in confirmation of early June 2021 gains may trigger demand above $40.

READ  BitMEX To Limit Its Services In Two Provinces Of Canada, Orders OSC

Accordingly, risk-on traders may bank on demand, loading the dips targeting $0.40.

On the other hand, cautious traders can wait for a solid close above $0.40 before trading with the trend, aiming at $1.

#BZRX/USDT #BzX Protocol #DeFi #SUSHI #SUSHI/USDT #SushiSwap

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Source: https://www.cryptoknowmics.com/news/sushiswap-sushi-and-bzx-protocol-bzrx-technical-analysis-what-to-expect

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