Bitcoin Nosedives Below $38k As Tech Stocks Take A Beating, Pandemic Gains Disappears

Bitcoin was down in the afternoon session on Wednesday, as bargain hunters and dip takers failed to maintain this morning’s momentum. The premier crypto continues to maintain price action similar to tech stocks. Bitcoin Price Falls Bitcoin sank below $38,000 as Wall Street opened, giving up half of the gains made on Feb. 1. Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it dipped below $38,000 as Wall Street opened, giving back half of the gains made on Feb. 1. Bitcoin’s price has risen above $39,000 after a sustained recovery. There was no proper closing above $39,000, though. As a result, the price dropped again from the $39,200 level. Bitcoin fell 4.35% to US$37,621 on February’s second trading day, extending the January sell-off. BTC/USD Trades at $37k after yesterday's momentum. Source: TradingView Tech stocks also took a beating. Bloomberg data revealed how early pandemic gains were wiped out this year and last, with PayPal losing 52% and others, including Zoom and Peloton, losing 70% or more. PayPal led the way, after it failed its earnings expectations. Related article | TA: Bitcoin Lacks Momentum Above $38.5K, But Dips Likely To Be Limited Bitcoin has dropped almost 45% from its all-time high of $69,000 since last year, as increasing inflation and fears that Russia and Kazakhstan would follow China’s lead and restrict crypto mining have caused formerly uncontrollabl...