Crypto markets plunged over the weekend, erasing nearly three weeks of gains as losses accelerated. Investors are watching a busy week ahead featuring key consumer sentiment releases, ongoing US inflation concerns, and a series of Federal Reserve speeches under fresh leadership. At the same time, the conflict in Iran will reach its 80th day on Tuesday, with no clear signs of a resolution.
Economic Events May 18 to 22
Economic activity for the week begins Tuesday with April pending home sales data for the United States, followed by the ADP weekly employment change. These reports will help clarify conditions in the housing and labor markets—two core areas that influence broader economic stability.
On Wednesday the Federal Open Market Committee (FOMC) minutes from the April policy meeting will be released. The minutes often provide color on policymakers’ thinking and may indicate the likely path for interest rates and future policy actions.
Thursday’s calendar includes more housing-related data, the May Philadelphia Fed Manufacturing Index, and weekly jobless claims. The week wraps up Friday with the May University of Michigan Consumer Sentiment and Expectations surveys, which offer insight into household confidence and spending intentions.
Key Events This Week:
1. April Pending Home Sales data – Tuesday
2. Fed Meeting Minutes – Wednesday
3. Nvidia, $NVDA, Reports Earnings – Wednesday
4. May Philly Fed Manufacturing Index – Thursday
5. May UMich Consumer Sentiment data – Friday
6. May UMich Consumer…
— The Kobeissi Letter (@KobeissiLetter) May 17, 2026
Beyond macroeconomic releases, market attention is squarely on Nvidia’s quarterly results due Wednesday. Nvidia has become a bellwether for the AI sector, and the company’s performance often signals broader industry trends. CEO Jensen Huang recently raised guidance for the firm’s flagship chips, and Nvidia’s stock is up roughly 20% year-to-date. Analysts at TD Cowen expect the company to exceed its quarterly revenue outlook by approximately $1 billion to $2 billion, a result that could boost sentiment across AI-related assets and altcoins.
Geopolitical developments remain an important risk factor. Over the weekend, former President Trump warned Iran that the “clock is ticking” for a deal, comments that coincided with a spike in oil to $108 a barrel and a sharp sell-off in crypto markets.
Crypto Market Outlook
Total crypto market capitalization fell by about $130 billion over the weekend, sliding to roughly $2.64 trillion on Monday morning—a three-week low—despite recent progress in US policy discussions. Bitcoin led the decline, dipping below $77,000 during Asian trading and wiping out the month’s gains. On a longer timeframe, bitcoin appears to be in a consolidation phase, trading sideways since early February.
Ether tracked bitcoin’s weakness and dropped around 2.4% on the day to about $2,100, its lowest level since early April. Most altcoins endured modest losses, though a few tokens such as Hyperliquid and Zcash continued to show strength and recorded gains amid the broader sell-off.
Looking ahead, market participants will be closely monitoring the incoming economic releases, FOMC minutes, Nvidia’s earnings, and any further geopolitical developments. Together, these factors are likely to shape risk sentiment across equities, commodities, and crypto markets in the near term.