Bitcoin is trying to claw its way back following this week's decline.
The cryptocurrency dropped more than 6% to $47,606.92 on Tuesday.
Major cryptocurrencies have tumbled amid concerns about the omicron variant and holiday travel disruptions around the globe.
Another factor putting pressure on cryptos is a total of 129,800 option contracts worth more than $6 billion set to expire on Friday, according to data provided by Skew.
Bitcoin is down 31% from the year's high of $69,000 on Nov. 10.
It has been a rough December for bitcoin, trading down more than 16% month-to-date and it's on pace for its worst month since May 2021, when it dropped more than 35%.
Ether, the coin linked to the ethereum blockchain network, dropped 5.57 % to $3,812.6 on Tuesday.