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May 20th, possibly the most critical night in the recent market
This time, the market is not only watching the earnings report of Nvidia.
Even more importantly — the Federal Reserve meeting minutes are also released on the same day.
A decision on whether the global AI narrative can continue to surge, and a decision on whether dollar liquidity will loosen again.
And the crypto market is now precisely caught between these two variables.
First, let's talk about Nvidia.
Recently, the strength of the AI sector has been sustained mainly because the market still believes that “the computing power cycle has not ended.”
If Nvidia continues to beat expectations this time, indicating that global AI demand is still exploding, then not only will US tech stocks keep rallying, but the Crypto AI track is also likely to be reignited by capital.
Directions like AI Agents, DePIN, computing power, and data layers could likely see a new wave of sentiment-driven rallies.
Because many funds are now starting to link AI and crypto narratives together.
Especially some on-chain AI projects are increasingly resembling “crypto versions of tech stocks.”
On the other hand, the Federal Reserve meeting minutes are also very critical.
What the market fears most now is not necessarily a rate cut, but “prolonged high interest rates.”
If the minutes lean hawkish, meaning dollar liquidity continues to tighten, altcoins will suffer greatly.
Recently, many small tokens have already shown signs of “shrinking trading volume + no sustained pump.”
This indicates that the money in the market has not truly come back.
So, on May 20th, a possible scenario is:
Nvidia’s earnings report is bullish for risk assets, but the Fed’s hawkish stance suppresses market liquidity.
At that point, BTC might experience sharp volatility first, then the market will re-choose its direction.
Crypto today is increasingly unlike the market of the past, which was driven purely by sentiment and hype.
It is now truly influenced by global macro factors, tech cycles, and US dollar interest rates.
In a sense, today’s BTC is more like a “global liquidity thermometer.”
And May 20th could very well be the watershed for the next phase of the market.