Treasury announces $6 billion debt buyback; Hunter Biden LAPTOP token loses 98% of value

The US Treasury Department announced on Wednesday it will purchase up to $6 billion in longer-term government debt. This operation aims to keep bond markets liquid and cap yields on 10- and 20-year notes that had risen to levels not seen since the 2008 financial crisis. Scott Bessent, US Treasury Secretary, stated this measure triples the normal buyback volume for already issued securities. The planned execution is set for Thursday and will conclude at 2 p.m. ET after a 20-minute session.

In sharp contrast to fiscal market activity, Hunter Biden's new cryptocurrency launched on Wednesday with an initial price of $190 per token before trading on the Base blockchain. Market records show the token was distributed to market makers a week prior to official launch. Within the first hour, the asset's value plunged approximately 98% to fall below $4 per coin. Some trackers recorded prices dropping under $2. A hypothetical purchase of five tokens at an early peak price would see the total value erode from roughly $1,000 to about $10.

Global market trends showed mixed results on Wednesday. Bitcoin failed to reclaim support above $80,000, trading down slightly as geopolitical tensions over oil and Iran affected sentiment. The Japanese yen strengthened against the dollar, reaching its highest level since February. Meanwhile, Brent crude oil prices climbed above $100 per barrel due to fresh strikes on Iranian tankers.