This week, it is worth paying attention to the GDP reports in the UK and Germany, weakening of quarantine in some countries and lower block rewards for bitcoin miners.
Major Events on the Economic Calendar
- The US releases core consumer price index (CPI) on May 12.
- The UK releases its Q1 2020 GDP report on May 13.
- Australia releases data on employment change on May 14.
- Germany releases its Q1 2020 GDP report on May 15.
May 11. Gram Investors Decision
By this day, Gram investors will have decided on a repayment strategy. Pavel Durov and his team are no longer confident in the success of the large-scale cryptocurrency project. Investors can receive 72% payouts immediately and the rest of the sum later, or they can be paid 110% of their investment in a year.
Recall: The Securities and Exchange Commission (SEC), and later the court, equated Gram tokens to securities, thus complicating the rules of working with investors.
May 12. Bitcoin’s Third Halving
Bitcoin halving is set to take place around May 12-13. Miners are not so enthusiastic about the event as it means that they will be getting a smaller reward for adding new blocks to the network. The reward will be cut from 12.5 to 6.25 BTC. We do not rule out that a significant increase in the volatility might occur after the halving.
It is worth noting that the previous halvings were followed by long-term positive trends.
May 13. Unwinding of EU border control restrictions
The EU border control restriction measures will remain in force until May13-15, and after that they may be partially lifted. Europe and other countries are lifting quarantine restrictions. However, this process will be gradual not to cause the second wave of the pandemic.
May 14. Lift of Quarantine Restrictions in Japan. “The Virus Hearings” in the US Congress
According to Japanese Prime Minister Shinzo Abe, the government will hear the experts’ views on the early lift of the state of emergency. The state of emergency was extended in the country until May 31.
Japan’s Economic Revitalization Minister Yasutoshi Nishimura said on May 7 that the restrictions may be lifted early in a number of prefectures that report a steady decline in the pace of new COVID-19 infections.
Rick Bright, former chief of the Biomedical Advanced Research and Development Agency, will address the U.S. House of Representatives. He accuses the U.S. Department of Health and Human Services of underestimating the threat of the coronavirus and the need to fight it. Bright tried to raise concerns about the possible consequences of the COVID-19 epidemic back in January 2020.