The two-week-long Bitcoin (BTC) the winning streak finally came to an end after the cryptocurrency formed its first red candle on January 18.
The day before, BTC was shaping up to be match or even beat its November 2013 record of 15 consecutive days of positive price movement, the longest streak in its history.
While the record was not broken, Bitcoin posted the longest winning streak since the 2013 record in a "ridiculous" run according to some commenters on Twitter.
#Bitcoin - One red daily candle does not erase 2 weeks of bullish green candles. We already needed one, that just running was ridiculous. It's just as bad as holding a bounce after missing a whole move down (I've done that). I hope you give bears the same treatment. pic.twitter.com/LJIbBKbE8c
- IncomeSharks (@IncomeSharks) January 18, 2023
Cointelegraph data shows that Bitcoin came close to a 2.4% loss for the day and was back under $21,000a value that it had not reached since the bankruptcy of the FTX crypto exchange in early November last year.
Related: Tucker Carlson Outlines a Wild Theory to Explain Bitcoin Price Rise: โMaximum Aluminum Foilโ
The main cause of the negative price action appeared to be an ominous announcement from the United States Department of Justice (DOJ) on January 18 that it would โannounce international cryptocurrency enforcement action.โ
Many speculated that it could be against a major exchange or crypto company, but it turned out the action I was against a little known exchange called Hong Kong-based Bitzlato with ties to Russia. The founder of the exchange, Anatoly Legkodymov, was also arrested.
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