Two-week Bitcoin (BTC) winning streak finally came to an end after the cryptocurrency created its first red candle on January 18.
The day before, BTC formed up to match or even beat its November 2013 record of 15 consecutive days of positive price action was the longest such streak in its history.
While the record wasn’t broken, Bitcoin has seen its longest winning streak since the record set in 2013 in a “ridiculous” run, according to some Twitter commentators.
#Bitcoin – One red daily candle won’t erase 2 weeks of bullish green candles. We already needed one, the run alone was ridiculous. It’s just as bad as celebrating a rebound after missing the entire downstroke (I’ve done it). I expect you to treat bears the same way. pic.twitter.com/LJIbBKbE8c
— IncomeSharks (@IncomeSharks) January 18, 2023
Cointelegraph data shows that Bitcoin came close to losing 2.4% on the day and was back under $21,000values that it has not reached since the bankruptcy of the FTX crypto exchange at the beginning of November last year.
The primary cause of the negative price action appeared to be the ominous announcement by the United States Department of Justice (DOJ) earlier on January 18 that it would “announce international cryptocurrency enforcement action.”
Many speculated that it could be against a major exchange or crypto company, but it turned out action was against a little known exchange called Bitzlato based in Hong Kong with ties to Russia. The founder of the stock exchange, Anatoly Legkodymov, was also arrested.