Bitcoin price hovers near $48,000 after Tuesday fall
Bitcoin is down 31% from the year's high of $69,000 on Nov. 10.
Kyriba senior strategist Wolfgang Koester on 2022 market outlook and the crypto market.
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.
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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%.
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Ether, the coin linked to the ethereum blockchain network, dropped 5.57 % to $3,812.6 on Tuesday.