Bitcoin was on the road to breaking a nearly 10-
Bitcoin was on the road to breaking a nearly 10- time-old record but the price dip over the once day put a stop to the multi-day palm band.
The two- week-long Bitcoin BTC down $ 20,824 winning band has eventually come to an end, after the cryptocurrency formed its first red candle onJan. 18.
The day prior, BTC was shaping up to match or indeed beat its November 2013 record of 15 successive days of positive price movement, the longest of similar stripes in its history.
While the record was not beaten, Bitcoin did post the longest palm band since the 2013 record in a “ ridiculous ” run- up, according to some observers on Twitter.
Cointelegraph data shows Bitcoin neared a 2.4% loss over the day and was back under$ 21,000, a value it had n’t reached since the ruin of crypto exchange FTX in early November last time.
The primary cause for the negative price action appeared to be an portentous advertisement by the United States Department of Justice( DOJ) before onJan. 18, saying it would “ advertise an transnational cryptocurrency enforcement action. ”
numerous suspected it could be against a major exchange or crypto company, but it turned out the action was against a little-given exchange called Bitzlato grounded in Hong Kong with ties to Russia. The exchange’s author, Anatoly Legkodymov, was also arrested.