Today in crypto, Santiment says Bitcoin’s dip below $113,000 saw retail traders flip “ultra bearish,” Senator Tim Scott expects Democrats to back Republicans on the CLARITY Act, and former White House Crypto Council director Bo Hines joined Tether as an adviser.
Retail traders go from bullish to ‘ultra bearish’ as Bitcoin dipped below $113K
Retail crypto traders have seemingly flipped bearish after Bitcoin (BTC) failed to pick itself up from a recent dip below $113,000, clocking a 17-day low, blockchain analytics firm Santiment said on Wednesday.
“Retail traders have done a complete 180 after Bitcoin failed to rally and dipped below $113,000,” Santiment said, adding that the past 24 hours have marked “the most bearish sentiment seen on social media” since June 22, when fears of war in the Middle East caused a cascade of panic sells.
Santiment said negative social sentiment is a good thing for dip buyers, especially when there is “blood in the streets and fear is maximized” as short-term retail traders are also more inclined to panic sell or scalp profits than their diamond-handed counterparts, who view the asset class as a longer-term investment.
Santiment said that the panic selling was a “good sign of an upcoming dip bounce.”
Key Republican senator expects Democratic support for US crypto market structure bill
While the US Congress remains in recess until September, one of the senators leading the charge behind legislation to establish a digital asset market structure said he expects bipartisan support.
Speaking from the Wyoming Blockchain Symposium in Jackson Hole on Tuesday, Senate Banking Committee Chair Tim Scott said he expected at least some Democrats to join with Republicans to move forward on the Digital Asset Market Clarity (CLARITY) Act following the passage of the Guiding and Empowering Nation’s Innovation for US Stablecoins (GENIUS) Act.
The South Carolina senator said that he had already been making efforts to reach out to Democrats outside of the banking committee to “provide cover” to vote for the bill.
“We had 18 Democrats vote for the GENIUS Act,” said Scott. “I believe that we’ll have between 12 and 18 Democrats at least open to voting for market structure, a far more complicated piece of legislation, and the forces against it […] it is a real force to overcome.”
Ex-White House crypto director Bo Hines takes Tether advisory role
Stablecoin giant Tether hired former White House Crypto Council Executive Director Bo Hines as its new strategic adviser for digital assets and US strategy, signaling a push to expand in the world’s biggest economy.
Tether, the issuer of the USDt (USDT) stablecoin, appointed Hines to directly engage and coordinate the company’s US strategy and expansion as part of its core focus with immediate effect, according to a Tuesday announcement shared with Cointelegraph.
Hines previously served in President Donald Trump’s administration, where he worked on initiatives to foster digital asset innovation, set guardrails for stablecoin issuers and develop collaboration between government and the blockchain industry.
In his new role, Hines will collaborate with Tether’s leadership team to execute its US market entry and cultivate “constructive relationships” with policymakers and industry stakeholders.
Hines’ “deep understanding of the legislative process, combined with his passion for practical blockchain adoption, makes him an invaluable asset as Tether enters the biggest market in the world,” said Paolo Ardoino, CEO of Tether, adding:
“Bo’s appointment demonstrates our commitment to building a strong U.S.-based presence that spans across multiple sectors, starting with digital assets and expanding to new opportunities, including a deep focus on potential further investments in domestic infrastructure.”
Tether Investments has already reinvested almost $5 billion in the US economy. Hines’ addition aims to “reinforce” this commitment and alignment to the US market, the announcement said.
