A day earlier, BTC was shaping up to match or even beat its November 2013 record of 15 consecutive days of positive price action, the longest such streak in its history.
Although the record was unbeaten, Bitcoin posted its longest winning streak since the 2013 record in a “ridiculous” run, according to some Twitter commenters.
Cointelegraph data shows that bitcoin came close to losing 2.4% on the day and returned to below $21,000, a value it has not reached since the bankruptcy of cryptocurrency exchange FTX in early November last year.
Stay safe in Web3. Learn more about Web3 Antivirus →
Related: Tucker Carlson Outlines a Wild Theory to Explain Bitcoin’s Rising Price: ‘Tin Foil Limit’
The main reason for the negative price movement appears to be the ominous announcement made by the US Department of Justice (DOJ) earlier on January 18, saying that it will “announce an international measure to enforce cryptocurrency.”
Many speculated that it could be against a major exchange or crypto company, but it turned out that the action was against a little-known exchange called Bitzlato that is based in Hong Kong and has ties to Russia. The founder of the stock exchange, Anatoly Legkodimov, was also arrested.