1️⃣ China’s Stablecoin Policy

China may introduce yuan-backed stablecoins! This marks a major policy shift since the country banned crypto in 2021. The new policy aims to boost the international use of the yuan in trade and payments. Approval is expected from China’s State Council, and the issue will also be discussed at the Shanghai Cooperation Organization (SCO) Summit.

2️⃣ Bitcoin Market

Bitcoin has dropped below $113,000. This decline has made retail traders extremely bearish, showing a very negative market sentiment.

3️⃣ U.S. CLARITY Act

Senator Tim Scott expects Democrats to side with Republicans on the CLARITY Act, which could have a significant impact on U.S. crypto regulation.

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