Coinbase holds $52 billion worth of Bitcoin, raising questions on utilizing reserves in DeFi.

From Investing.com

August 14, 2024 3:30:23 pm:

Coinbase is revealed to hold a massive $52 billion worth of Bitcoin, making them the top holder of BTC with over 4.3% of the total supply, according to Arkham Intelligence. The recent announcement of “cbBTC” raises questions about how Coinbase will utilize its significant Bitcoin reserves in decentralized finance (DeFi).

In response to the US CPI data released today, the seasonally adjusted core CPI monthly rate for July was 0.2%, compared to the projected 0.2%. The unadjusted CPI annual rate in the US was 2.9% in July, falling below expectations of 3.0%.

CME predicts a 56.5% likelihood of the Federal Reserve decreasing interest rates by 25 basis points in September, with a 43.5% probability of a 50-basis-point rate cut. Bitwise CIO Matt Hougan believes the CPI release indicates that the Fed will begin cutting rates in September and sees 3% as the new baseline for inflation, which is bullish for bitcoin.

Bitcoin reacted unexpectedly to the CPI data, dropping below $59,000 in Tuesday’s trading session before rebounding. BTC was down 0.43% in the last 24 hours to $59,283, after hitting intraday highs of $61,827.

Read more at Investing.com: Here’s How Much Bitcoin Coinbase Holds By U.Today