Bitcoin (BTC)’s two-week winning streak finally ended after the cryptocurrency formed its first red candle on January 18.
In the previous day, BTC has formed to match or even beat the November 2013 record of 15 consecutive days of positive price movement, the longest streak in its history.
While the streak was unbeaten, Bitcoin posted its longest winning streak since the 2013 record with “ridiculousness” according to some commentators on Twitter.
#Bitcoin – One daily red candle does not erase 2 weeks of bullish green candles. We needed one already, that up just open there is ridiculous. It’s as bad as celebrating the bounce after losing all the moves down (I’ve done it). I expect you to give the bear the same treatment. pic.twitter.com/LJIbBKbE8c
– IncomeSharks (@IncomeSharks) January 18, 2023
Data from Cointelegraph shows Bitcoin is closing in on a 2.4% loss on the day and is back below $21,000, a value it hasn’t reached since the bankruptcy of crypto exchange FTX in early November last year.
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The primary cause for the negative price action appears to be an ominous announcement by the United States Department of Justice (DOJ) earlier on January 18 saying it would “announce international cryptocurrency enforcement actions.”
Many speculated that it could be against a major exchange or a crypto company, but it turns out that the action was against an exchange called Bitzlato based in Hong Kong with ties to Russia. The founder of the exchange, Anatoly Legkodymov, was also arrested.