Wall Street and Washington Fuel Bitcoin Rally: Here’s What’s Going On

Cryptocurrency & Free Speech Finance

In brief Bitcoin surged above $79,000 Friday as ETF inflows, macro conditions and developments in Washington boosted demand. U.S. spot Bitcoin ETFs attracted more than $1 billion over two days as institutional demand picked up. Billions of dollars in short positions were liquidated as Bitcoin rallied, accelerating the move higher. Bitcoin surged above $79,000 Friday as renewed institutional buying, improving macro conditions and a friendlier regulatory outlook in Washington collided with billions of dollars in short liquidations.The rally has pushed Bitcoin sharply higher this week, but analysts say the move began taking shape before the latest breakout.Myriad: Will the Clarity…

Cryptocurrency & Free Speech Finance

Bitcoin Climbs Higher as $1.2 Billion in Shorts Liquidated

In brief Bitcoin climbed 7.9% over 24 hours to around $77,137—up 23.2% on the week—after touching an intraday high of $79,320. The rally triggered a short squeeze, with CoinGlass logging about $1.5 billion in total crypto liquidations across 178,777 traders in 24 hours—roughly $1.21 billion of it in shorts. The surge follows a week of bullish Washington sentiment, including Trump backing the Clarity Act and signaling regulators are working to bring Hyperliquid onshore.. Bitcoin extended its rally on Friday, punishing traders who had bet against it and wiping out more than a billion dollars in bearish positions.The largest cryptocurrency changed…

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  Chow Hang-tung and Lee Cheuk-yan, co-leaders of the now disbanded Hong Kong Alliance in Support of Patriotic Democratic Movements of China (HKA) were found guilty today (21 August 2026) of incitement to subversion, because they organised vigils attended by tens of thousands in Hong Kong’s Victoria Park to mark the 1989 Tiananmen Square massacre. The vigils were banned in 2020 and both have been detained since 2021. Below is a translation of Chow Hang-tung’s message to the world, published yesterday I’m curious about tomorrow’s verdict. Justice resides in the hearts of the people; there’s no need to look up to such top-down judgments. One verdict is nothing. Thank you all for walking alongside me in different ways. I have received all your support and blessings. ************ Because I don’t want everyone to worry too much, and I don’t want the focus to be lost, I’m sharing these feelings that have been weighing on my mind since the trial: Several years ago, I made a documentary with friends, trying to visualise the issue of torture by inviting Hong Kong friends to experience the various forms of torture suffered by protesters in China, so that it wouldn’t just remain a “tragedy” on paper. The “torture” depicted in the film was designed and researched by me. I thought I had some understanding of the subject, but only in the last couple of days have I realised I was a completely incompetent “torture officer” back then. I knew absolutely nothing about inflicting physical pain. It’s true that some things are impossible to comprehend no matter how much you read about them; you have to experience them firsthand. I say this because since the trial began, the Correctional Services Department [Hong Kong’s prison authority] has changed its method of transport. It’s no longer just simple handcuffs; now they use a full set of handcuffs, leg irons, waist chains, and ankle chains, and then lead the prisoners like dogs on a chain. From the written description alone, it seems like it’s just more inconvenient and somewhat humiliating, nothing like torture. But it’s only when you actually put on those shackles that you realise the devil is in the details. Ordinary handcuffs have buckles on both sides that connect with slipknots, allowing for limited movement between the hands. However, this set of specially made handcuffs has an outer layer of hard plastic covering the outer layer, locking the hands tightly together. This alone wouldn’t be so bad, but the “rings” on the handcuffs aren’t the round kind you usually see in adult stores (uh, I’ve been there, but only to buy props for filming!). Instead, there’s an additional hard material inside, shrinking into a flat, crescent shape that fits snugly at the thickest part of the wrist. So, when the wrist is inside, there’s absolutely no possibility of rotation; you can only constantly twist your arm to accommodate the angle designed by the handcuffs. That already restricts movement to two dimensions. Then comes the small buckle on the waist chain, which locks the handcuffs above the abdomen. If you dare to relax and let your hands hang down, the buckle will move up and lock into the thicker part of the wrist. Moreover, the locking angle is an extremely unnatural twisted pretzel, forcing one to constantly hunch their shoulders, hunch their back, bend their wrists, and twist their arms to try and avoid the handcuffs getting stuck in their wrist bones. However, complete avoidance is impossible; after all, constantly hunching one’s shoulders for the entire journey from Tai Lam [the prison where Hang-tung is incarcerated] to West Kowloon [the courthouse where the trial is taking place] would likely lead to muscle cramps. So, one can only “choose” which part of the body shall suffer in turn—when the shoulders are too tired, let the bones ache; when the hands are numb with pain, tighten the shoulders further. Then, throughout the entire journey, although most of the time is spent “still,” one is already exhausted from the unseen “muscle battle.” Not to mention, no matter how you are locked, you have to carry your belongings; for me, that means court documents. With that added weight, it is inevitable that the handcuffs will cut into the flesh. The deep marks carved into the wrists don’t fade even after a whole day in court. It turns out that locking a person’s joints in certain relative positions can create a kind of “interlocking” effect between body parts. But to the untrained eye, it’s invisible—”It’s just putting your hands in front of your stomach, child’s play.” Sigh, just looking at that statement, I feel I have no reason to complain; but I never imagined the combined effect of locking all the joints would be so powerful. Thinking back to when I was researching for the documentary, I only focused on finding the most exaggerated physical movements, the torture methods most easily identifiable by the naked eye. I was indeed viewing the victims’ experiences through the eyes of a layman. When I “tortured” my friend, the handcuffs were loosely fastened. I was completely unaware that locking the joints was the key—it really was just a childish experiment. Sophisticated torture, much like mature totalitarianism, avoids the visible, “violent” acts of violence. Its power lies in exploiting and creating internal conflicts among the people, fostering constant mutual surveillance, control, and reporting. This diffuses the perpetrators, making it impossible to identify or apprehend any single “evildoer.” People appear to have “choices,” but they are ultimately forced to choose between harming one party and abandoning another. Power, however, seems detached, never directly intervening. Visible, publicly observable conflicts vanish, leaving only unseen internal strife. The damage to society can be far more lasting and profound than occasional violence. On a more personal level, I find my resistance to physical torture is quite low. When my body aches, my mind becomes blank, overwhelmed by aches and pains, making it impossible to enjoy the scenery as usual. If I were subjected to some of the Ten Great Tortures of the Qing Dynasty, I might confess quickly. The ability to endure torture truly requires dedicated training. So, on the bright side, these 75 days of transport can be seen as initial training in physical endurance—as long as my hands aren’t ruined? To say that this correctional system is intentionally designed to torture prisoners wouldn’t be accurate; it’s just that the prisoners’ comfort or pain isn’t a consideration in its design. So, frankly, what I have endured is far from real torture; at best, it was just a preliminary glimpse. The designers’ primary consideration was probably “safety first,” ensuring prisoners have no possibility of movement. Ultimately, prisoners are at the bottom of the food chain—voiceless, powerless. Our opinions, even after suffering, are meaningless in the face of “safety.” Not to mention asking what security needs there were – frankly, even without handcuffs, a weak scholar like me couldn’t escape. Using so many tricks is overkill, but where can I reason with that? In cases where national security is invoked, even if a lawsuit is filed, it will have to be dropped and legal fees paid. But it’s precisely because I don’t want to never have anywhere to voice my grievances, and I don’t want people to remain silent and at the mercy of others, that I must persist in fighting for democracy and human rights, and for systemic change. In this sense, this new experience offered by Correctional Services is actually helping to strengthen my resolve to fight. Well then, thank you for this generous gift. I will certainly not let you down and will fight this ongoing battle well. I also hope that everyone can gain something from this long trial, perhaps just a little bit of strength, a little bit of encouragement, and that would be enough to fulfill my wish! This message was first posted on Chow Hang-tung’s Patreon account yesterday. We are publishing this with the permission of Brian Kern who translated her message on his Substack account     READ MORE

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