A packed week on the US economic calendar could influence Bitcoin and the broader crypto market, with Federal Reserve speeches, labor market updates, and Nvidia earnings all in focus as digital assets surrender recent gains.
Crypto markets have come under heavy pressure, erasing nearly three weeks of gains as the selloff intensified over the weekend.
Investors are also monitoring fresh consumer sentiment data amid growing inflation concerns in the United States and a series of speeches from Federal Reserve officials under the central bank’s new leadership. At the same time, the conflict in Iran enters its 80th day on Tuesday, with no clear signs of a diplomatic agreement emerging.
Economic Events From May 18 to 22
The week’s economic releases begin on Tuesday with pending US home sales data, followed by the ADP employment change report. Both indicators are closely watched for insights into the housing and labor markets, two sectors considered crucial for economic stability.
On Wednesday, markets will turn attention to the Federal Open Market Committee meeting minutes from April’s policy meeting, which could offer clues about the Fed’s future direction on interest rates.
Thursday will bring additional housing market data, the May Philadelphia Manufacturing Index, and weekly jobless claims figures. Friday concludes the week with the release of the Michigan Consumer Sentiment and Consumer Expectations reports for May.
Beyond macroeconomic data, Nvidia’s earnings report on Wednesday is expected to attract major attention after becoming a key indicator for the artificial intelligence sector.
Nvidia CEO Jensen Huang recently raised forecasts for the company’s flagship chips, while the firm’s stock has climbed roughly 20% this year. Analysts at TD Cowen expect Nvidia to exceed quarterly revenue expectations by between $1 billion and $2 billion.
A strong earnings performance could provide momentum for AI related altcoins as the sector continues to grow.
However, geopolitical tensions remain a concern after US President Donald Trump warned Iran on Sunday that “the clock is ticking” for reaching a deal. The statement reportedly pushed oil prices up to $108 per barrel and contributed to renewed weakness across crypto markets.
Crypto Market Outlook
The total crypto market capitalization has fallen by roughly $130 billion over the weekend, dropping to a three week low of $2.64 trillion on Monday morning despite the Senate’s progress on the Clarity Act last week.
Bitcoin led the decline, slipping below $77,000 during Asian trading hours and wiping out all gains recorded earlier this month. Despite the pullback, the broader trend still shows Bitcoin consolidating within a sideways range that has persisted since early February.
Ethereum mirrored Bitcoin’s weakness, falling 2.4% on the day and dropping back to $2,100, its lowest level since April 7.
Most altcoins posted moderate losses, although Hyperliquid and Zcash continued to outperform and maintain gains despite the broader market downturn.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
