Bitcoin has tumbled 7% after a sell-off gripped crypto markets late Sunday. Jakub Porzycki/NurPhoto/Shutterstock New York —

Crypto had a rough November . The pain is persisting into December — and that could signal trouble ahead for the stock market.

Bitcoin has slumped 7% in the past 24 hours, sliding from just below $92,000 to roughly $85,000 as of Monday midday. The cryptocurrency sold off sharply late Sunday — tumbling more than $4,000 in just a few hours — as December trading kicked off in Asia.

Bitcoin has seen intense swings in recent weeks as risk-off sentiment has spread through markets. In addition to a risk-averse mood, the latest freakout in the crypto world stems from concerns about the unwinding of a popular trading strategy.

So, what’s going on?

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