Bitcoin has taken a hit, dropping to its lowest price since late November, quashing hopes for a "Santa Claus rally" this year. On December 23, Bitcoin fell to $92,442, marking a 14.5% decline from its December 17 high of over $108,000. It briefly bounced back to $95,000 but settled around $94,000 on December 24, down over 11% for the week.

Historically, Bitcoin has seen festive season gains, but this December's performance has been lackluster. However, past years like 2016 and 2020 saw significant post-Christmas rallies. With $18 billion in Bitcoin and Ether options expiring on December 27, market volatility could be on the horizon.