Crypto Markets Today: Co-Founder of OneCoin Pyramid Scheme Pleads Guilty; CoinDesk Market Index Drops

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Crypto Markets Today: Co-Founder of OneCoin Pyramid Scheme Pleads Guilty; CoinDesk Market Index Drops
France Dernières Nouvelles,France Actualités

Co-founder of OneCoin pyramid scheme pleads guilty, though Ruja Ignatova, nicknamed “CryptoQueen,” is still at large. The CoinDesk Market Index and equity markets turned red. Liqquidity reports

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By Glenn Williams Jr.

Anyone who ignored bitcoin over the last seven days would think that not much occurred, if looking at total price movement. Those paying attention might still be dizzy from the roller-coaster ride. Optimism early in the week reversed, with bitcoin’s price settling in just below $17,000. On a relative basis, BTC’s seven-day performance against the U.S. dollar was third among the top 20 cryptocurrencies by market capitalization. Ether finished in the middle of the pack, declining 5% over the last seven days.

BTC’s chart doesn’t offer much by way of short-term optimism. Its Relative Strength Index has fallen near 40, implying that BTC momentum is essentially neutral at the moment. The Volume Profile Visible Range tool shows significant past trading activity and price agreement between $16,500 and $17,000. The combination of these factors sets the framework for BTC to trade flat, in lieu of a new catalyst.

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