- Bitcoin fell to $78,325.77 as total crypto market cap dropped 0.6% today.
- Hunter Biden’s LAPTOP token crashed from a $314.9B peak to under $8B.
- Liquid Network patched its exploit; SideSwap refunded nearly 4 BTC in fees.
The global crypto market cap fell 0.6% to $2.76 trillion over the past 24 hours, with trading volume at $96.49 billion. Bitcoin traded at $78,325.77, down 0.6% on the day but up 0.9% over the past week.
Ethereum changed hands at $2,475.00, down 0.8% in 24 hours while still up 3.1% over seven days. BNB fell 3.8% to $722.77, though it remains up 4.4% weekly. XRP dropped 2.3% to $1.39, up 1.7% over seven days, and Solana slipped 1.6% to $101.93.
Trending Searches
Hunter Biden’s LAPTOP token traded at $0.8243 after its volatile launch, topping trending searches alongside Zcash, up 3.8% to $1,245.52, and Pons, down 15.8% to $0.6541. Among top gainers, VeThor surged 61.3% to $0.0007161, KNOTS climbed 35.2% to $0.02281, and BLUE CHIP rose 58.6% to $0.018345.
LAPTOP Token Launch Turns Chaotic
Hunter Biden’s meme coin LAPTOP went live on Base with airdrop claims opening for a 30-day window. The token’s market cap briefly surged to $314.9 billion before collapsing below $8 billion, with the price falling below $1 at its lowest point after an initial liquidity pool set at $0.05 per token met overwhelming demand and front-running bots, according to a statement from the LAPTOP Foundation.
Data platform Bubblemaps said roughly 80% of traders lost money, with at least two traders down between $100,000 and $1 million and about 100 losing more than $10,000 each. One trader turned $900 into a profit of over $250,000, a 278 times return, while another saw $200,000 shrink to $3,000 after buying at a high of $218 per token.
To stabilize liquidity, the foundation said it would deploy 4 million LAPTOP tokens into an Aerodrome pool and burn 10 million tokens within the launch’s first week. Eric Trump, son of President Donald Trump, mocked the launch on X, writing that Hunter Biden “should go back to painting.”
Security Incidents and Recoveries
Liquid Network released emergency update Elements v23.3.4, patching the range proof verification cache vulnerability behind an exploit that allowed an attacker to mint roughly 4,000 unbacked LBTC.
Blockstream said network recovery would proceed in three phases, starting with resumed block production while peg operations remain paused.
Peg-out service provider SideSwap said it processed the attacker’s order as a normal customer transaction and forwarded the exploited BTC, and said it takes full responsibility for weaknesses in its authorization and review process; the company refunded approximately 4 BTC in fees to the Liquid federation.
Hardware wallet maker Trezor said a third-party email provider was breached, spreading phishing emails disguised as a security alert about an STM32 entropy vulnerability.
Regulatory Developments
U.S. Treasury Secretary Scott Bessent urged the Senate to advance the CLARITY Act, warning that inaction would signal that the U.S. is “unwilling to lead the future of digital assets.”
The European Commission proposed extending its Central Contact Point framework to crypto asset service providers, requiring firms to designate a local compliance contact in EU member states. California Governor Gavin Newsom signed two AI safety bills establishing registration and review standards for third-party AI security auditors, with both Anthropic and OpenAI expressing public support.
Related: MetaMask and Consensys Set to Operate as Separate Companies
Institutional and Corporate Moves
Ethereum software firm Consensys announced it is spinning off MetaMask as an independent entity, with founder Joe Lubin as CEO; analysts cited by the announcement suggested a potential listing as early as 2027.
TRM Labs said its valuation doubled to $2 billion following additional investment from existing backers. Tether and Fasanara Capital launched a $400 million private credit fund, StableFund, targeting $3 billion in third-party capital for small business financing.
PayPal officially launched its PYUSDx stablecoin issuance platform, and cross-border payment startup Latitude raised $35 million in a round that included Coinbase.
Whale and Trading Activity
Three wallets believed to belong to the same entity spent a combined $11.23 million to buy 8,994 ZEC and continued buying, according to on-chain data. Trader Based16z trimmed a VVV position after realizing more than $600,000 in combined profit within 24 hours. Whale 0x7378 booked $14.93 million in profit from VVV and LIT positions built up over the past six months.
Related: Bessent Urges Senate to Advance CLARITY Act as Crypto Rules Stall
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
