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May 20th, could be the most critical night in the recent market.
This time, the market is not only watching NVIDIA's earnings report.
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 be loosened again.
And the crypto market is now precisely caught between these two variables.
First, let's talk about NVIDIA.
Recently, the AI sector has been consistently strong, essentially because the market still believes that "the computing power cycle has not ended."
If NVIDIA continues to outperform expectations this time, indicating that global AI demand is still exploding,
then not only will U.S. tech stocks continue to surge, but the Crypto AI track is also likely to be reignited by capital.
Directions like AI Agents, DePIN, computing power, and data layers may once again see a wave of sentiment-driven rallies.
Because many funds now have already started to link AI and crypto narratives together.
Especially some on-chain AI projects, which are increasingly resembling "cryptocurrency versions of tech stocks."
But on the other hand, the Federal Reserve meeting minutes are also very critical.
The market's biggest fear now is not necessarily a pause in rate cuts, but "prolonged high interest rates."
If the minutes lean hawkish, meaning dollar liquidity continues to tighten,
then altcoins will suffer greatly.
Recently, many small tokens have already shown signs of "shrinking trading volume + no sustained price rallies."
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 time, BTC might first experience sharp volatility, then the market will re-choose its direction.
Crypto today is increasingly unlike the market of the past, which relied purely on emotional trading.
It is now truly influenced by global macro factors, tech cycles, and U.S. 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.