Bitcoin was on the road to breaking a nearly 10-year-old record but the price dip over the past day put a stop to the multi-day win streak.
The two-week-long Bitcoin (BTC) winning streak has finally come to an end after the cryptocurrency formed its first red candle on Jan. 18.
The day prior, BTC was shaping up to match or even beat its November 2013 record of 15 consecutive days of positive price movement, the longest of such streaks in its history.
While the record wasn’t beaten, Bitcoin did post the longest win streak since the 2013 record in a “ridiculous” run up according to some commentators on Twitter.
#Bitcoin – One red daily candle doesn’t erase 2 weeks of bullish green candles. We needed one already, that up only run was ridiculous. It’s as bad as celebrating a bounce after missing a whole move down (I’ve done it). I expect you give the bears the same treatment. pic.twitter.com/LJIbBKbE8c
— IncomeSharks (@IncomeSharks) January 18, 2023
The primary cause for the negative price action appeared to be an ominous announcement by the United States Department of Justice (DOJ) earlier on Jan. 18 saying it would “announce an international cryptocurrency enforcement action.”
Many speculated it could be against a major exchange or crypto company, but it turned out the action was against a little-known exchange called Bitzlato based in Hong Kong with ties to Russia. The exchange’s founder, Anatoly Legkodymov, was also arrested.