Crypto Market Update: Hunter Biden’s LAPTOP Token Flops on Debut

Bitcoin price update

Bitcoin (BTC) was priced at US$78,212.77, trading 0.3 percent lower over the past 24 hours.

Cryptocurrencies traded mostly flat while stocks fell and oil prices surged, with Glassnode’s latest on-chain report attributing the pause to more technical, structural factors.

Those include a cluster of resistance between US$83,000 and US$86,000 where long-term holder cost basis, derivatives liquidation levels and the US spot exchange-traded fund breakeven point all converge.

Moves this week are being driven by escalating US-Iran tensions, which pushed Brent crude above US$100 per barrel after US strikes on Iranian oil tankers, alongside anticipation of Thursday’s (September 10) consumer price index data.

Today’s crypto news to know

Read on for a round-up of the biggest crypto market news:

• Hunter Biden’s LAPTOP token debuts
• CLARITY Act vote hinges on ethics talks, says Coinbase exec
• Robinhood teams up with Crypto.com and OG.com
• Visa integrates on-chain lending infrastructure
• Circle to acquire Tazapay
• Dubai launches first tokenized Guinness record silver bar

Hunter Biden’s LAPTOP token debuts

LAPTOP has debuted on Coinbase Global’s (NASDAQ:COIN) Base network.

Total supply is set at 1 billion tokens, with 30 percent held by founders — locked for six months, then vesting over two years — and 20 percent earmarked for airdrops split across two groups: wallets that lost money on the TRUMP memecoin, and Hunter Biden’s Substack subscribers.

The token hit US$190.81 within about 2 minutes of trading opening, followed by a roughly 98 percent collapse to a low of US$3.70. It was trading around US$4.77 about an hour after launch.

Multiple outlets attribute the collapse to thin order-book depth.

Pre-launch, a project-tagged multisig wallet holding 100 million tokens reportedly offloaded about 42.5 million tokens before trading began; market maker GSR received 15.5 million tokens four days before launch; and an unidentified wallet received 14.5 million tokens roughly two hours before trading started.

The numbers point to a token that established a large paper valuation almost instantly, despite having very little real liquidity behind it. LAPTOP is trading at US$1.29, giving it a market cap of US$452.9 million — but that figure rests on just US$851,000 in on-chain liquidity, a ratio of roughly 532 to one. Trading volume of US$13.8 million over the same period points to active, rapid in-and-out trading rather than steady, deep-pocketed buying support.

CLARITY Act vote hinges on ethics talks, says Coinbase exec

Faryar Shirzad, Coinbase Global’s chief policy officer, stated that the CLARITY Act faces two potential…