Following the formation of the cryptocurrency's first red candle on January 18, the two-week winning run that Bitcoin (BTC) had been on has finally come to an end.
The previous day, it seemed as if Bitcoin might equal or possibly break its record set in November 2013 of 15 straight days of positive price movement. This would have been the longest stretch of its kind in its entire existence.
In spite of the fact that the record wasn't broken, Bitcoin managed to register the longest victory streak since the 2013 record in a run-up that some Twitter critics have described as "crazy." Bitcoin is denoted by #. One bearish daily candle does not cancel out two weeks of all green candles being bullish.
the 18th of January, 2023 — IncomeSharks (@IncomeSharks) The primary reason for the negative price action appeared to be an ominous announcement made earlier on January 18 by the United States Department of Justice (DOJ), which stated that it would "announce an international cryptocurrency enforcement action." [Citizens] should be aware that the DOJ has the authority to take legal action against anyone who engages in illegal activity related to cryptocurrencies.
However, it turned out that the action was taken against a rather obscure cryptocurrency exchange called Bitzlato that was situated in Hong Kong and had connections to Russia. Many people had assumed that it may be against a prominent cryptocurrency exchange or organisation.