The crypto market shed roughly $130 billion over the weekend, sliding to a three-week low of $2.64 trillion by Monday morning. Bitcoin dropped below $77,000 during Asian trading, erasing all of its May gains. Ether fell 2.4% to $2,100 — its lowest since April 7.
The trigger: Trump's Iran warning
President Trump told Iran on Sunday that 'the clock is ticking' to strike a deal. Oil prices spiked to $108 a barrel, and risk assets took a hit. Crypto didn't escape. The war in Iran will mark its 80th day Tuesday, and there's no deal in sight. Markets hate uncertainty, and this weekend delivered plenty.
Altcoins: mixed bag
Most altcoins saw only minor losses. The exceptions were Hyperliquid and Zcash, which continued to gain — a reminder that not everything moves in lockstep during a selloff. The broader market, though, is feeling the pressure from geopolitics and macro headwinds.
Nvidia earnings loom
Nvidia reports earnings Wednesday. CEO Jensen Huang doubled projections for the company's flagship chips, and the stock is up roughly 20% this year. TD Cowen analysts expect Nvidia to beat its quarterly revenue outlook by $1 billion to $2 billion. A strong report could steady broader markets, crypto included — but the geopolitical mood may override any tech-sector cheer.
What else is on the calendar
This week brings a slate of economic data. April pending home sales land Tuesday, Fed meeting minutes drop Wednesday, the Philly Fed Manufacturing Index hits Thursday, and May UMich consumer sentiment rounds out Friday. The Senate also advanced the Clarity Act last week — a crypto bill that could shift the regulatory landscape if it passes.
The question now is whether the weekend rout was a one-off shock or the start of something deeper. Oil at $108 and a 80-day conflict with no off-ramp makes for a jittery environment. All eyes are on Iran — and on Nvidia's numbers Wednesday.
