Crypto News: Why Crypto is Down Today? Bitcoin Bearish Shift, CLARITY Act Momentum, and Tether’s New US Adviser (20 August)

Need a recap of the latest crypto developments? Today’s highlights include retail traders flipping ultra bearish after Bitcoin’s dip below $113K, Senator Tim Scott pushing for bipartisan support on the CLARITY Act, and Tether hiring former White House Crypto Council director Bo Hines to spearhead its US expansion.Retail Traders Flip Bearish as Bitcoin Dips Below $113KBitcoin (BTC) slipped to a 17-day low under $113,000, triggering what blockchain analytics firm Santiment described as “the most bearish sentiment on social media since June 22.”Retail traders, who were bullish just days ago, turned sharply negative after Bitcoin failed to recover above key support. Santiment noted that such spikes in negative sentiment often precede a “dip bounce,” as short-term panic sellers give way to long-term holders who see buying opportunities.Senator Tim Scott Eyes Democratic Support for CLARITY ActSpeaking at the Wyoming Blockchain Symposium in Jackson Hole, Senate Banking Committee Chair Tim Scott said he expects bipartisan support for the Digital Asset Market Clarity (CLARITY) Act once Congress reconvenes in September.Scott pointed to the 18 Democrats who voted for the GENIUS Act on stablecoins earlier this year, saying that “12 to 18 Democrats” could also back the more complex market structure bill. The senator emphasized ongoing outreach efforts to secure votes beyond the banking committee.Tether Appoints Ex-White House Crypto Council Director as AdviserStablecoin issuer Tether announced the appointment of Bo Hines, former Executive Director of the White House Crypto Council, as a strategic adviser for digital assets and US strategy.Hines, who worked on digital asset policy in the Trump administration, will guide Tether’s US market entry and liaise with policymakers. Tether CEO Paolo Ardoino highlighted Hines’ experience as “an invaluable asset” as the company expands its US footprint.Tether Investments has already reinvested nearly $5 billion in the US economy, and Hines’ appointment signals a stronger push into domestic markets, according to Cointelegraph.