A year-end rally in cryptocurrencies appeared to fizzle on Tuesday, with bitcoin and ether both falling more than 6%, trading around $48,400 and $3,840.

Cryptos had been participating in a “Santa Claus rally” for risk-assets with bitcoin up more than 13% since Dec. 17 to around $52,000. However, it remains well below its all-time high of $68,790 on Nov. 10.