Brian Armstrong: Coinbase advances AI financial accounts and stock perpetual contracts

The U.S. stock market lost $650 billion in market capitalization within 25 minutes of opening.

The Swiss National Bank disclosed that it holds over $109 million worth of Bitcoin through MicroStrategy. (The Bitcoin Historian)

[CPI and PPI Data Released, Market Expectations for Fed Rate Hike Strengthen] On November 13th, institutional analysis pointed out that after the release of CPI and PPI data, market participants' expectations for a rate hike at the next Federal Reserve meeting have strengthened. Oxford Economics predicts that the October PCE inflation rate will rise to 3.8% annually, higher than September's 3.6%. (Source: Jinshi) AI Interpretation: The inflation data exceeded market expectations, directly increasing the necessity for the Federal Reserve to maintain a tight monetary policy. This trend has completely shattered market illusions of a short-term shift to easing, forcing investors to repric the interest rate path. High inflationary pressures force the Federal Reserve to maintain high interest rates for a longer period to curb prices. The increased market expectations for a rate hike reflect concerns about the risk of an overheated economy, which will continue to suppress the valuation space of risk assets.

Coinbase CEO Brian Armstrong stated that the company stores over 99% of its crypto assets in cold wallets and leverages AI models to enhance security. Currently, Coinbase partners with seven major global banks and holds over 80 licenses worldwide. AI-powered finance is a key focus for Coinbase, which is developing financial accounts for AI agents. It is predicted that by 2030, AI agents will process between $3 trillion and $5 trillion in transactions. Tokenized stock trading volume on Coinbase has exceeded $5 billion. Coinbase is pushing for the compliance of US stock perpetual contracts and has announced the upcoming launch of Coinbase Pro.

Nasdaq 100 futures fell more than 2%, S&P 500 futures fell 1.05%, and Dow Jones futures fell 0.39%.