Paypal Declines 25%, Bitcoin Follows on The Wall Street Open

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Bitcoin price declined sharply on the Wall Street open February 2, while another tech stock caused extreme fears to traders.

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BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

According to Data from Cointelegraph Markets Pro and TradingView Bitcoin plunged below $38,000 as Wall Street started, erasing half of the gains it accumulated on February 1st.

As of this writing, Bitcoin traded near $37,600 as tech stocks saw huge price plummets. The biggest loser was Paypal, which shed almost 25% of its value after the company reported missed earnings targets.

Meanwhile, data from Bloomberg illustrates that most early pandemic gains have been erased this year. For instance, Paypal declined 52% while Zoom and Peleton plummeted by 70% or more.

“Market structure for me is still clearly bearish under $39.6K. Would like to see daily closes over $40.2K before I felt a bigger rally possible,” popular Twitter account TXMC Trades summarized on the day.

“My base case is still a test of $29K-$30K (or lower) before any future price discovery. Macro FUD is driving all. HODL and wait.”