Bitcoin’s (BTC) two-week winning streak has finally ended after the cryptocurrency formed its first red candle on Jan. 18.
The day before, BTC was preparing to match or even surpass its November 2013 record of 15 consecutive days of positive price action, the longest such streak in its history.
Although the record was not beaten, according to some commenters on Twitter, Bitcoin recorded its longest winning streak since the 2013 record in a “ridiculous” run-up.
#Bitcoin – A red daily candle does not erase 2 week bullish green candles. We needed one, just walking up was ridiculous. It’s as bad as celebrating a jump after missing a whole move down (I did). I assume you treat the bears the same way. pic.twitter.com/LJIbBKbE8c
— Income Sharks (@Income Sharks) January 18, 2023
Cointelegraph data shows Bitcoin close to a 2.4% loss on the day and is back below $21,000, a level it hadn’t seen since cryptocurrency exchange FTX collapsed in early November last year.
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The main reason for the negative price action appeared to be an ominous announcement by the US Department of Justice (DOJ) on Jan. 18, in which it said it would “announce an international cryptocurrency enforcement action.”
Many speculated it could be aimed at a major exchange or crypto company, but it turns out the action was aimed at a little-known Hong Kong-based exchange called Bitzlato with ties to Russia. The founder of the exchange, Anatoly Legkodymov, was also arrested.