Bitcoin was on course to break a nearly 10-year record but a multi-day winning streak was halted when the price fell the previous day.
Two weeks of Bitcoin
BTC
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$22,865
The winning streak finally ended on January 18 after the cryptocurrency created its first red candle.
The previous day, BTC was shaping up to match or even beat the November 2013 record of 15 consecutive days of positive price movements, the longest such streak in its history
While it did not beat the record, Bitcoin kept its longest winning streak since the 2013 record on a “ridiculous” run, according to some commenters on Twitter
Data from Cointelegraph shows that Bitcoin came close to losing 2.4% over the course of the day and was back below $21,000, having not recovered since the bankruptcy of crypto exchange FTX in early November last year
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Related: Tucker Carlson Outlines a Wild Theory to Explain Bitcoin’s Rise in Price: ‘Maximum Tin Foil’
The primary reason for the negative price action appears to be an ominous announcement by the United States Department of Justice (DOJ) earlier on January 18, which stated that it would “announce an international cryptocurrency enforcement action”.
Many speculated that it could be against a major exchange or crypto company, but it turned out that the action was against Bitzlato, a little-known Hong Kong exchange with ties to Russia Exchange founder Anatoly Legkodimov was also arrested.
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Jesse Coghlan
Jesse Coghlan
19 January
CFTC Commissioner: Crypto exchanges should not ‘self-certify’ tokens
Commissioner Christy Goldsmith Romero wants crypto exchanges to stop self-certified crypto-crypto products before they go live on the platforms.
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CFTC commissioner: Crypto exchange tokens should not ‘self-certify’NEWS
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The US Commodity and Futures Trading Commission (CFTC) has called on Congress to stop allowing cryptocurrency exchanges to “self-certify” and list tokens without inspection.
CFTC Commissioner Christy Goldsmith Romero told an audience at a University of Pennsylvania event focused on FTX on Jan. 18, adding that current processes are not adequate to ensure proper oversight.
“We urge Congress not to allow newly regulated crypto exchanges to self-certify to list products, under current procedures that limit CFTC oversight.
Establishing a safeguard against regulatory arbitrage is important, he added, and that includes banning the use of self-certification processes.
Currently, crypto exchanges can “self-certify” the safety of their product before listing, unless the CFTC blocks the listing within 24 hours.
CFTC Commissioner Christy Goldsmith Romero. Source: Twitter
The process used to list products such as crypto futures is not adequate for such assets, he said.
Crypto traders looking to issue tokens can use the CFTC’s crypto regulatory framework to avoid registration with the Securities and Exchange Commission (SEC), goldsmith Romero added.
A proposal was submitted to Congress in 2022 to enhance the CFTC’s role in overseeing the crypto industry.
Crypto “gatekeepers” need to “step up”.
During his speech, the commissioner called on lawyers, compliance professionals, celebrities, venture capital firms and pension fund investors to do good due diligence on crypto institutions
