It was a rough Sunday night for crypto investors. Just when you thought the weekend might offer a respite, former President Donald Trump decided to shake things up with an announcement about new tariffs. The result? A sea of red across cryptocurrency markets, with leading digital assets tumbling alongside stock futures.

Trump said he'll impose 15% global tariffs on U.S. imports, a move that came after the Supreme Court rejected a previous attempt to use emergency powers for similar measures. Markets, never fans of trade war uncertainty, reacted predictably: they sold off.

Here's a snapshot of the damage as of 8:25 p.m. ET:

Crypto Market In 'Extreme Fear'

Bitcoin spent the day wobbling between the high $65,000s and low $68,000s, with trading volume dipping over the last 24 hours. It was the kind of listless trading that makes you wonder if everyone's just waiting for the other shoe to drop. Ethereum wasn't much better, confined to a narrow range just under the psychologically important $2,000 level.

Interestingly, shares of crypto-related companies like MicroStrategy Inc. (MSTR) and Coinbase Global Inc. (COIN) actually closed higher on Friday, up 3.39% and 1.15% respectively. But that was before the Sunday night tariff news hit.

The real story was in the derivatives market. According to Coinglass, over $300 million was liquidated from the market in the last 24 hours, with a staggering $290 million of that coming from bullish long positions getting wiped out. That's a lot of optimistic bets turning to dust.

Bitcoin's open interest fell 1.85% over the past day, while Ethereum's dropped 4.33%. The crowd seems divided: while the majority of Binance's retail and whale investors were still long Bitcoin as of this writing, Bitcoin whales on Bybit and OKX have turned bearish. It's like watching two groups of traders looking at the same chart and seeing completely different stories.

The Crypto Fear & Greed Index, that handy little sentiment gauge, dropped to a record low of 5. That puts us squarely in "Extreme Fear" territory. When the meter hits single digits, you know people are getting nervous.

Not everything was red, though. A few smaller-cap cryptos managed to buck the trend:

Despite the sell-off, the global cryptocurrency market capitalization actually managed a modest 0.57% increase over the past 24 hours to $2.31 trillion. It's a reminder that even on bad days, the crypto market is a big, complex beast that doesn't always move in one direction.

Stock Futures Slide, Gold Inches Up

It wasn't just crypto feeling the heat. Traditional markets were bracing for impact too. Stock futures edged lower overnight on Sunday. The Dow Jones Industrial Average Futures fell 208 points, or 0.42%, as of 7:47 p.m. EDT. Futures tied to the S&P 500 slid 0.49%, while Nasdaq 100 Futures lost 0.67%.

Meanwhile, in the classic "when in doubt, buy shiny things" department, precious metals moved in the opposite direction. Spot gold rose 0.85% to $5,148 an ounce and spot silver traded up 2.34% to $86.60. It's the old flight to safety play—when stocks and crypto look shaky, some investors still reach for the metals that have been considered valuable for, well, all of human history.

Another 30% BTC Decline Incoming?

Now for the part that really has traders on edge. Ali Martinez, a widely followed cryptocurrency analyst and trader, has identified a technical pattern that historically signaled "the final leg down" of Bitcoin's cycle.

"We are now approaching a potential death cross between the 50 and 200 SMAs on the three-day chart, projected to occur in late February," Martinez said. "Based on prior patterns, a further 30% decline from current levels would place Bitcoin near $40,000."

For those not fluent in trader-speak, a "death cross" is exactly what it sounds like—a bearish technical pattern that forms when a short-term moving average drops below a long-term moving average. It's one of those chart formations that gets people's attention because it often signals a potential major sell-off or sustained bearish trend.

Martinez isn't the only one with strong opinions about where Bitcoin needs to go next. DonAlt, another well-known cryptocurrency commentator on X, said "aggressive bulls" should ideally want Bitcoin to close above at least $71,000 to regain bullish momentum.

"I'm not in a rush so I'm waiting for a deeper discount [$42,000] or a market structure shift [above $86,000]," they added.

So there you have it: the crypto market is nervous, traditional markets are jittery about trade policy, and Bitcoin might be approaching what one analyst calls the "final leg down" of its current cycle. Whether that prediction plays out or whether this is just another bump in crypto's notoriously volatile road remains to be seen. But one thing's for sure—Sunday night gave investors plenty to think about as they start the new week.