What’s wrong with the Zip (ASX:Z1P) share price?

Zip Co Ltd (ASX: Z1P) shares have been far from inspiring lately, slumping to a 6-month low of $5.29 on Tuesday. The Zip share price has now fallen to levels not seen since before the company announced its entry into the United States via the acquisition of US-buy now, play later (BNPL) player QuadPay back in June. With the S&P/ASX 200 Index (ASX: XJO) just 6% away from its pre-COVID highs and a recovery in tech shares, what is wrong with the Zip share price?  

It’s not just Zip 

Zip isn’t the only BNPL company that’s experiencing significant underperformance. As a matter of fact, all BNPL players except Afterpay Ltd (ASX: APT) and Humm Group Ltd (ASX: HUM) have been sold off recently with similar price charts. 

The…