Bitcoin (BTC)’s two-week winning streak has finally come to an end, after the cryptocurrency formed its first red candle on Jan. 18.
The day before, BTC was shaping up to match or even surpass 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” lead-up, 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 the bears the same treatment. pic.twitter.com/LJIbBKbE8c
– IncomeSharks (@IncomeSharks) January 18, 2023
Data from Cointelegraph shows that Bitcoin neared a 2.4% loss on the day and was back below $21,000, a value it hadn’t reached since the crash of crypto exchange FTX in early November of the year. past.
Related: Tucker Carlson Outlines a Wild Theory to Explain Bitcoin Price Rise: “Maximum Aluminum Foil”
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, saying it would “announce international cryptocurrency enforcement action.”
Many speculated that it could be against a major exchange or crypto company, but it turned out that the action was against a little-known exchange called Bitzlato based in Hong Kong with ties to Russia. The founder of the exchange, Anatoly Legkodymov, was also arrested.
