Bitcoin jumps to sub $40K as Amazon, Snap stocks surge on Q4 results

Bitcoin (BTC-USD) jumps to $39.6K per token as tech giants Snap (NYSE:SNAP) and Amazon (NASDAQ:AMZN) shares skyrocket following blowout Q4 results after Thursday's close. This implies that BTC could be seen as a proxy for tech stocks, especially as BTC and the Nasdaq (COMP.IND) have been trading closely together since the end of January, according to this chart. Meanwhile, Snap (SNAP +48.6%) and Amazon (AMZN +12.4%) erased some gains out of the gate on Friday, while bitcoin (BTC-USD +6.8%) continues to march higher, and ethereum (ETH-USD +9.3%) also surges to $2.9K. Despite bitcoin (BTC-USD) consolidating under its $40K key level, and well below its $69.4K peak in mid-November, “Bitcoin is forming a base and considering the selloff in tech stocks crypto investors should be feeling a bit more optimistic that the bottom is in,” Bloomberg reported, citing Oanda Senior Market Analyst Edward Moya in a written note to clients on Thursday. For