Following the formation of the first red candle of the cryptocurrency on January 18, the two-week winning streak that Bitcoin (BTC) had been has finally come to an end.

The day before, it looked as if Bitcoin could match or possibly break its record set in November 2013 of 15 consecutive days of positive price movement. This would have been the longest span of its kind in its entire existence.

Despite the record not being broken, Bitcoin managed to post the longest winning streak since the 2013 record in a run-up that some Twitter critics have described as “crazy”. Bitcoin is denoted by #. A bearish daily candle does not cancel two weeks of all bullish green candles.

January 18, 2023 — IncomeSharks (@IncomeSharks) The main reason for the negative price action appeared to be an ominous announcement made on January 18 by the US Department of Justice (DOJ), which stated that it would “announce a International Cryptocurrency Compliance Committee. [Citizens] You should be aware that the DOJ has the authority to take legal action against anyone who engages in illegal activities related to cryptocurrency.

However, it turned out that the action was taken against a rather obscure cryptocurrency exchange called Bitzlato that was located in Hong Kong and had connections to Russia. Many people assumed that it might be against a major cryptocurrency organization or exchange.