Today in crypto news, China may authorize yuan-backed stablecoins to enhance the international use of its currency, signaling a significant policy shift after years of stringent regulations. This review, set to be discussed at the Shanghai Cooperation Organization (SCO) Summit at the end of August, marks a pivotal moment in China's approach to cryptocurrencies. Meanwhile, Bitcoin's recent drop below $113,000 has led retail traders to adopt an 'ultra bearish' sentiment, according to blockchain analytics firm Santiment. Despite concerns, this negative sentiment could suggest an opportune moment for dip buyers. In the United States, Senator Tim Scott expects bipartisan support for the Digital Asset Market Clarity (CLARITY) Act, building on the previous passage of the GENIUS Act. He believes that many Democrats will collaborate with Republicans to advance crypto legislation, highlighting an evolving political landscape regarding digital assets.

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