The co-founder of the OneCoin pyramid scheme has pleaded guilty, and the CoinDesk market index has dropped. Today in cryptocurrency markets.

Bitcoin, the most valuable cryptocurrency overall, experienced a 3% price decrease over the past 24 hours.

According to the Department of Justice of the United States of America, one of the founders behind OneCoin, Karl Greenwood, pleaded guilty to federal charges on Friday after being involved in one of the greatest financial scams in the history of the world.

This post was originally published in Crypto Markets Today, a daily newsletter that delves into what took place in today’s cryptocurrency markets and is published by CoinDesk. You can subscribe to receive it in your inbox on a daily basis.

Prosecutors claim that the so-called cryptocurrency project has been a hoax ever since its inception in 2014, when OneCoin, which was co-founded by Greenwood, devised a pyramid scheme to advertise it to millions of people and generate as much as $4 billion in revenue. Greenwood, 45, pled guilty to charges of wire fraud and conspiracy to launder money. According to the allegations, Greenwood labelled the investors “idiots” in an internal letter.

According to Damian Williams, the United States Attorney for the Southern District of New York, “Karl Sebastian Greenwood operated one of the largest international fraud schemes ever perpetrated.” Karl Sebastian Greenwood was charged with operating one of the largest international fraud schemes ever. “Greenwood and his co-conspirators, including fugitive Ruja Ignatova, duped naive victims out of billions of dollars by saying that OneCoin would be the ‘Bitcoin killer.'” “Bitcoin killer”

Ignatova, also known as the “CryptoQueen,” is still included on the list of the Most Wanted Fugitives compiled by the Federal Bureau of Investigation (FBI). She is wanted for her role as another creator of OneCoin, which had its headquarters in Bulgaria. The Federal Bureau of Investigation is offering a reward of one hundred thousand dollars for information that may lead to her capture.

Token Roundup

Bitcoin (BTC), the most valuable cryptocurrency when measured by market value, has experienced a decline of 3% over the course of the last 24 hours, in line with equity markets. The Federal Reserve’s warning this week that monetary policy could need to continue tightening — and stay tight – long into 2023 has continued to exert pressure on risky assets such as cryptocurrencies and stocks, which are still under pressure as a result. The technology-heavy Nasdaq Composite ended the day with a 1% loss. Both the S&P 500 and the Dow Jones Industrial Average experienced losses of 0.9% and 1.1% respectively.

Ether (ETH), the second-largest cryptocurrency, followed Bitcoin’s trajectory and fell to a price of $1,205, down almost 3.1%.

Raydium (RAY): On Friday, the decentralised exchange platform Raydium, situated in Solana, acknowledged in a tweet that it had been the target of an attack. At the time of publication, an attacker who had successfully stolen user funds by fraudulently withdrawing them from Raydium exchange pools had around $2 million worth of various cryptocurrencies sitting in their account. Over the course of the last day, the price of RAY has declined by 8.96%.

The benchmark index of 167 digital assets, known as the CoinDesk Market Index (CMI), experienced a loss of 3.3%. According to some futurists’ projections, 2023 will be known as “The Year of Dapps.” There is also talk that it could be the “Year of the DAOs,” but the real question is whether or not this will be the year that they begin obeying the law.

Analysis of the crypto market shows that Bitcoin ended its roller coaster week not far from where it began.

If one only looked at the overall price movement of bitcoin over the past week, someone who has been oblivious to the cryptocurrency may conclude that not much has changed. It’s possible that those who were paying attention are still feeling queasy from the roller coaster trip.

Optimism at the beginning of the week was quickly dashed, and the price of bitcoin eventually settled in slightly below $17,000. When compared to the performance of the top 20 cryptocurrencies based on market capitalization, Bitcoin’s seven-day performance was the third best relative to that of the US dollar. Ether finished in the middle of the pack after experiencing a decrease of 5% over the course of the previous week.

The chart for BTC does not provide a lot of reasons to be optimistic in the immediate run. The fact that its Relative Strength Index (RSI) is now closer to 40 than it was before suggests that the momentum of BTC is practically neutral at the present.

The Volume Profile Visible Range tool reveals that there was substantial trading activity in the past, as well as price agreement, between $16,500 and $17,000. In the absence of a fresh trigger, the combination of these elements creates the conditions for Bitcoin’s price to remain relatively stable.


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