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Bitcoins long-term holders continue to keep their cryptocurrency close, despite its declining value 59 percent of BTCs circulating supply still hasnt moved in at least one year.

Generally, these trends are in-line with shrinkingBitcoin BTC trading volumes, reports research firm Delphi Digital.

Still, the firm highlighted 220,000 BTC (worth roughly $1.6 billion at current prices) bought way back in November 2017 the start of peak Bitcoin-mania that hasnt moved at all since then. Surely, some strong hands.

Trading activity spiked at the end of October, when Bitcoins price last pushed above $9,000, butvolumes had reached six-month lows by the end of November.

Declining volume has been the trend since the high back in June, a symptom of a general decrease in new money entering the space, said Delphi Digital analysts.

In fact, Bitcoins month-over-month volume has dropped by 9.4 percent across the top cryptocurrency exchanges, with the largest decline coming from spot USD markets.

The firm again noted this means its possible theresless capital entering and exiting the space.

As for where the inflowing Bitcoin goes,major exchanges Binance and Huobi persist as the industrys dominant trading venues. Together, they account for over 50 percent of BTC deposits every month since August.

Analysts noted that OKEx and Huobi saw strong increases since the beginning of August, but highlighted that a portion of the latters activity was actually a byproduct of a cryptocurrency-fueled Ponzi scheme known as PlusToken.

The worst monthly decline since the same month last year definitely added insult to injury to the crypto markets ongoing drawdown. Fading catalysts and sentiment are partially to blame, but one of the real culprits is the lack of new buyer demand, said Delphi Digital.

Often times, it seems as if capital is just being reshuffled among existing player who can ignite violent market moves given the minuscule size of this market, so a renewed enthusiasm among investors is going to be required for bitcoin (and crypto at large) to reverse its downward trend, it added.

Published December 11, 2019 14:43 UTC

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$1.6B in Bitcoin bought during 2017s bull run hasnt moved - The Next Web

Updated: May 25, 2018:

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Originally posted here:
Wondering About The Tax Treatment Of A Cryptocurrency Hard Fork And Airdrop? - JD Supra

Police have arrested one of the directors of a cryptocurrency startup in Uganda that closed suddenly and made off with investors money.

A Mr Samson Lwanga, director of Dunamiscoins Resources Limited, was arrested last week and should appear in court later this week, local news reports.

Its reported that the scam managed to con 10 billion Ugandan shillings ($2.7 million) out of victims.

The authorities are still on the look out for the other four directors of the company.

Like numerous other cryptocurrency-based scams, Dunamiscoins promised investors and employees large returns in a short space of time. However, after a month, the company shut down its offices, leaving investors in the lurch and employees out of work many of whom were yet to even start their job.

We have already opened a general inquiry file and investigations are going on. We recorded statements from the complainants and arrested one of the directors called Samson Lwanga who is currently detained at Old Kampala Police Station, a police spokesperson said in a statement.

According to the police spokesperson, Mr Lwanga is willing to refund money to investors, but he cant because their accounts have been frozen. The police are investigating if this is true.

At the time of Hard Forks first report on the scam, it was unclear how many people had been affected by Dunamiscoins.

However, in Daily Monitors latest update, it seems the scam is bigger than first reported. And the story sounds all too familiar.

Investors were encouraged to get their friends and family to participate, only to find out later that they had all been duped

According to the report, at least 1,000 people had registered with the cryptocurrency startup, however, some victims have said the number of people involved is closer to 10,000.

Dunamiscoins reportedly began operating in March, and was paying out to early investors. It came crashing down last week when its offices shut and phone lines were disconnected.

Published December 10, 2019 10:19 UTC

Excerpt from:
Police arrest head of $2.7M Ugandan cryptocurrency scam - The Next Web