Why did the Zip share price crash 19% in January?

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The Zip Co Ltd (ASX: ZIP) share price had a month to forget in January.
Over the month just past, the S&P/ASX 200 Index (ASX: XJO) gained 1.8%.
As for Zip, shares in the ASX 200 buy now, pay later (BNPL) stock closed out December trading for $3.29. When the closing bell sounded on 30 January, shares were changing hands for $2.65 apiece.
This put the Zip share price down a painful 19.4% over the first month of 2026. And it saw the stock take the ignominious title of the worst performer on the ASX 200 in January.
So, what went wrong for the BNPL stock?
Why did the Zip share price come under pressure?
There was no fresh news out from the company in January that would have been likely to spook investors.
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