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Bitcoin surges over 25% as shorts get squeezed and Washington leans into crypto

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The world’s largest cryptocurrency touched an intraday high of $79,500 on Friday, its best level in months, before easing to around $77,700 at the time of writing, leaving it up more than 25% since Monday.


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The rally caps one of Bitcoin’s most dramatic weeks in years, following a stretch in which the token had lagged well behind its 2025 highs for much of 2026.

For six straight weeks, Bitcoin had been stuck grinding between $62,000 and $66,000, having fallen over 50% from the all-time high of around $126,000 it reached last year in October, to the low of roughly $57,600 it hit early in July of this year.

That prolonged malaise had encouraged traders to build up bearish positions over the course of the year, betting the token’s underperformance would continue. When the price broke higher this week, those bets unwound violently leading to an episode of forced short covering.

Ether, the second-largest cryptocurrency, and other digital assets have also surged on the same wave of positioning and momentum was reinforced by signals of extra liquidity from Washington.

The US Treasury doubled the size of its bond buybacks earlier in the week to calm a jittery bond market, and when yields climbed back regardless, US Treasury Secretary Scott Bessent vowed on Thursday to increase the buybacks even further.

Easier financial conditions and a softer dollar tend to favour riskier assets such as Bitcoin.

Regulatory developments also added further fuel. On Tuesday, the US Securities and Exchange Commission filed a proposal called “Regulation Crypto Assets”, offering crypto issuers lighter registration requirements.

A day later, US President Donald Trump hosted Coinbase’s Brian Armstrong, Ripple’s Brad Garlinghouse, Gemini’s Winklevoss twins and other industry leaders at the White House, pushing Congress to pass the long-delayed Digital Asset Market CLARITY Act.

The bill, which would split oversight of digital assets between the SEC and the US Commodity Futures Trading Commission, cleared the House last year but remains stalled in the Senate, needing 60 votes to clear a procedural hurdle on 15 September that it is not yet assured of overcoming.

Trump’s Hyperliquid remarks send HYPE surging

Among the most striking moments of Wednesday’s summit came when US President Donald Trump said the Commodity Futures Trading Commission was working to bring Hyperliquid, a decentralised derivatives exchange, onshore “in a fully compliant legal fashion”, though the regulator has yet to publish any timeline for doing so.

The comment sent HYPE, Hyperliquid’s native token, surging 25% within 24 hours.

As it stands, HYPE is trading at around $74, up more than 30% since Trump’s remarks.

The decentralized exchange, popular with perpetual futures traders, has become something of a proxy for how far Washington’s warmer stance on crypto could extend.

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As Abdul El-Sayed breaks a barrier, anti-Muslim vitriol surges on multiple fronts

Abdul El-Sayed made history this month in Michigan by becoming the first Muslim nominated by the Democratic Party to run for the U.S. Senate. But elation among many of his fellow Muslim Americans was tempered by awareness of persisting and widespread anti-Muslim sentiment across much of the nation.

Some Republicans, including President Trump, swiftly began referring to the nominee by his full name, Abdulrahman Mohamed El-Sayed, while depicting him as a danger to America. “Every single Muslim holding public office in America is a Trojan horse, and a threat to both national security and our republic,’’ said U.S. Rep. Nancy Mace, R-S.C., in a post on X.

El-Sayed says such attacks betray a weakness in those who launch them.

“We all pray for the same things. … We want what’s good for our kids and our families,” he told MS NOW after his primary victory. “They’re going to use Islamophobia, because their ideas are tired.”

The vitriol extends far beyond the political class. Tensions related to anti-Muslim sentiment have heightened in several communities around the country, where some residents have bitterly opposed proposals to build new mosques.

“American Muslims have made incredible political and societal progress in recent years,” said Edward Ahmed Mitchell, national deputy director of the Council on American-Islamic Relations, or CAIR. He cited increased visibility in entertainment and sports and the election of Democrat Zohran Mamdani as New York City’s first Muslim mayor.

“But there also is a very concerted backlash to this progress,” Mitchell said. “You’ve seen this in the resurgence of anti-Muslim hate and rhetoric, the targeting of mosques.”

A Dallas suburb is a flashpoint

McKinney, Texas, a large suburb in the Dallas-Fort Worth area, is one of the flashpoints. Despite angry anti-Islam remarks at a heated city council meeting on Aug. 4, the council voted unanimously to approve a site plan for the McKinney Islamic Association’s proposed new mosque, classroom building and gym.

Among those urging the council to give the plan fair treatment was George Fuller, a former mayor of McKinney, a nonpartisan position. Opponents of the mosque project booed him, and some shouted “traitor” as he left the council chamber. One woman could be seen on video physically accosting him.

“I have never witnessed so much hate, anger and lack of humanity in our beautiful community gathered in one place as I did today at City Hall,” Fuller later wrote on Facebook.

During the hearing, which lasted more than four hours, the speakers included U.S. Rep. Keith Self, a Republican whose district includes McKinney. To loud applause, he urged the council to reject the mosque proposal.

“I know you’re in the accommodation phase, but the intimidation phase follows quickly,” Self said. “Child marriage. Honor killings. Don’t tell me it can’t happen here.”

Fuller also went to the microphone, evoking the broader phenomenon of divisive political rhetoric.

“Sadly, we live in a time when some have discovered that the easiest way to gain attention or win elections is not by offering solutions but by manufacturing fear, dividing communities, demonizing neighbors and turning misinformation into a political strategy,” he said.

In North Carolina, anger flares over approval for a new mosque

The scenario was similar in Mooresville, North Carolina, when town commissioners held a public comment session on Aug. 3 about a proposed mosque that had already been approved, with early phases of construction underway.

Angry residents at the meeting voiced hostility to Islam and assailed the commissioners for not being more forthcoming about the project as it took shape over previous months. One speaker cited violence in Nigeria by Islamist extremists as a reason for concern in Mooresville. Another depicted Islam as “a political regime with the ultimate goal of takeover in regions and nations.”

CAIR’s regional manager, Al Rieder, issued a statement denouncing “the hateful and conspiratorial anti-Muslim rhetoric” that surfaced at the meeting and expressed concern about the safety of Muslims in the area about 25 miles north of Charlotte.

“Muslims are your neighbors, your doctors, your teachers, your local politicians, your police,” he said.

A few hours after the public meeting, the town commissioners released a summary of the mosque project, which calls for a two-building Islamic center on a parcel acquired in 2019 by a local Muslim organization.

The commissioners said that the parcel is in an area zoned to allow religious assembly and that the mosque proposal was handled the same way as a proposal for a new church.

“All decisions must be based on adopted ordinances, objective standards and legal requirements, which do not allow for different rules for different religious groups,” the commissioners said. “We encourage all members of our community to remain respectful in their discussions and interactions as this project moves through the appropriate processes.”

In Oklahoma, Muslim leaders fight against the rebuff of a new mosque

A mosque controversy has been raging for many months in Broken Arrow, Oklahoma, Tulsa’s largest suburb.

Back in January, at a stormy meeting attended by hundreds of people, the city council voted 4-1 to reject a rezoning proposal by the region’s Islamic Society to build Broken Arrow’s first mosque. Before the vote, dozens of residents voiced anti-Muslim views while opposing the project.

Council members who rejected the mosque had raised concerns about its potential impact on infrastructure such as roads, sewers and flood plain management.

But the Islamic Society is persisting with its quest. On Aug. 3, it filed a lawsuit against the mayor and four councilors, alleging that the vote reflected “a wave of bigoted opposition from members of the community and local politicians.” The lawsuit contends that the council violated state and federal laws governing religious land use, treating the mosque proposal differently from other comparable rezoning requests.

“They did not want a mosque in their city. They did not want Muslims here,” said Meghan Murphy, an attorney with CAIR’s Legal Defense Fund, at a news conference announcing the lawsuit. ”So they made up a reason, and in doing so they violated the law.”

Some see a terrorism threat while others see baseless scaremongering

Opposition to mosque construction isn’t a new phenomenon: In Murfreesboro, Tennessee, an effort launched in 2010 to block a mosque project dragged on for more than three years. The mosque was built anyway as the case moved through the courts, but members of the Muslim community faced public protests, vandalism, arson and a bomb threat during that span.

The latest anti-mosque campaigns coincide with a broad wave of anti-Muslim rhetoric from Republican officeholders over the past year. In Congress, several bills were introduced targeting sharia, the moral and spiritual framework that guides Muslims in prayer and ethical conduct. Some Republicans say they’re concerned about growing Muslim populations in major cities and potential ties to terrorism — fears that CAIR and other civil rights groups say are unfounded and being exploited for political purposes.

Republican governors in Texas and Florida have endorsed efforts to shut down CAIR, saying it has ties to terrorism. CAIR has denied the allegations and filed lawsuits calling the governors’ efforts unconstitutional.

Muslim American leaders view the vitriol as political scaremongering.

“Every election year, we expect a rise in anti-Muslim hate,” said CAIR’s Mitchell. “It’s been worse this year than it has been in years.”

Crary writes for the Associated Press.

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Israel election pressure fuels settlement push as West Bank violence surges | Benjamin Netanyahu News

As Israel gears up to hold elections in October, a dramatic surge in settlement activity has heightened concerns that the settler movement is stepping up efforts to cement its grip on the occupied West Bank, in stark defiance of international law.

Last week, the United Nations warned that attacks by Israeli settlers – often carried out alongside Israeli forces – and the creation of illegal settlements and outposts had hit “an all-time high”.

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The uptick comes as members of Israel’s hard right seek to ratchet up the political temperature ahead of the crucial polls. It also follows a parliamentary term during which Israel moved to entrench control over the West Bank deeper within the machinery of the state, shifting authority from military administration to civilian institutions, accelerating settlement planning and expanding infrastructure.

However, the Religious Zionist Party of Finance Minister Bezalel Smotrich – the man widely credited as pushing the settler project to the forefront of Israeli political debate – is suggested by numerous opinion polls to be far from certain to even meet the electoral threshold for the post-election Knesset.

This has prompted what analysts describe as a desperate scramble to promote the settlement mission while consolidating the support of the settler minority that Smotrich grew up within.

Speaking at a meeting of Prime Minister Benjamin Netanyahu’s right-wing Likud Party in late July, Israel’s Defence Minister Israel Katz boasted that, under the governing coalition and Smotrich’s supervision, Israel had approved the establishment of 104 illegal settlements and some 160 settlement farms in the West Bank since coming to power in 2022, according to Israeli media.

In August of last year, Smotrich announced the creation of the E1 settlement project, linking occupied East Jerusalem with the existing settlement of Maale Adumim, located several kilometres to the east – a proposal which, Smotrich bragged, “buries the idea of a Palestinian state”.

The race to settle

Smotrich, who made increased administrative control over the West Bank a condition for supporting Netanyahu’s right-wing coalition in 2022, has undertaken a series of measures to expand the influence of settlers within policymaking.

In 2023, he established his influential Settlements Administration agency within the Ministry of Defence – which oversees the West Bank’s occupation. And last month, he legally embedded the agency within the ministry, making it harder to reverse any of the decisions taken under its watch.

Israeli political analyst Nimrod Flaschenberg said it is “hard to imagine” that Netanyahu “won’t come up with some kind of imaginative ploy to keep him and the far right on the ticket”, referring to Smotrich.

“He has very strong support within the settlements and the ideological far-right,” Flaschenberg added, “but that might not be enough in and of itself to get him securely past the threshold. He’s being squeezed between the populism of [far-right Israeli National Security Minister Itamar] Ben-Gvir and what many people in the lower middle class see as the security of Netanyahu.”

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Keeping the hard right

Allied to Smotrich is a prime minister who observers describe as facing not simply an electoral battle, but an existential battle for both his freedom – as a consequence of his long-running corruption trial – and legacy, should the independent inquiry into his failings ahead of the Hamas-led attack of 2023 go ahead.

Given the stakes, some analysts have suggested the incumbent was far from ready to gamble on losing the support of Israel’s hard right and settler movement by condemning the increasing levels of violence in the West Bank.

“We saw him come out on US TV and concede that there may have been a few incidents in the West Bank, but nothing serious,” Chatham House’s Yossi Mekelberg said of Netanyahu’s response to the widespread violence that has swept the West Bank in recent weeks.

“He needs the hard right and settlers’ support, if not for him individually, then at least for his bloc.”

While Netanyahu may feel he has room to manoeuvre over the hugely controversial issue of ultra-Orthodox conscription, no such margin existed within the hard right and settlers. Ultra-Orthodox parties, a key component in the 2022 coalition government, have made the exemption of their constituents from the draft – which almost all Israeli adults are eligible for – a pillar of their political campaigning in recent years.

“Netanyahu knows that the ultra-Orthodox will likely stay with him,” added Mekelberg. “The settlers are more binary. You’re either for them or against,” he said.

FILE - Israeli Finance Minister Bezalel Smotrich holds a map that shows the E1 settlement project during a press conference near the settlement of Maale Adumim, in the Israeli-occupied West Bank, Aug. 14, 2025. (AP Photo/Ohad Zwigenberg, File)
Israeli Finance Minister Bezalel Smotrich holds a map that shows the E1 settlement project during a news conference, in August 2025 [File: Ohad Zwigenberg/AP]

Cresting the wave

Irrespective of electoral tactics, the consequences for people living in the occupied West Bank have been catastrophic. In July alone, according to the Palestinian Authority’s Colonization and Wall Resistance Commission, there were 2,256 attacks against Palestinians and their property: 1,458 by the Israeli army and 798 by settlers.

After Yair Golan, leader of the opposition Democrats party, offered a rare criticism of the settler “extremism” which triggered the latest round of violence, Katz accused him of spreading a “blood libel”.

According to leaks of the same meeting in Hebrew-language media, other ministers present called for a harsher response to any resistance from Palestinians, and for the military to be given even greater freedom to shoot at them.

“As the election gets closer, we’re seeing an even greater increase in the violence that’s been escalating ever since October 2023,” said Yair Dvir, of the Israeli rights group B’Tselem.

“It’s important to add this isn’t just the scale of the violence, but also its brutality and the participation of the Israeli state – both the soldiers and the political support they’re receiving.”

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Trump expands voluntary pledge to blunt AI-driven utility bill surges | Donald Trump News

White House hails pledge that seeks to shield consumers from the cost of energy for data centres as ‘historic’.

US President Donald Trump’s administration has said it will expand a voluntary pledge seeking to shield consumers from the energy costs of the rapid expansion of data centres, mostly used by artificial intelligence companies.

The White House announced on Thursday that it would add state governors and electricity companies to the agreement, first announced with tech and AI firms in March. But the US administration stopped short of any enforceable protections.

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The White House called the expansion of the pledge “historic”, saying 200 additional utilities, data centre developers and states would join it.

The pledge is a “public commitment that hyperscalers, AI companies, and the utilities and data-center developers behind them will build, bring, or buy every kilowatt their facilities need — and cover every dollar of the infrastructure that delivers it”.

It says consumers would not foot the bill for AI’s energy needs.

In remarks about the pledge at the Environmental Protection Agency on Thursday, Trump called on the gathered executives and governors to sell the public on data centres, stressing that the cities and towns that have them will be “rich.”

“You have to convince your community. You can’t fight it. You have to go with it,” Trump said.

“If you don’t take all that money, somebody else is going to take it. You might as well do it yourselves.”

The US president has been a strong advocate for AI, which has become an enormous source of investment and a key priority for the country’s powerful tech sector. Trump has approached the sector, which includes some of his close allies, with a light regulatory touch during his second term.

But increased electricity demand from AI data centres could spur an increase in monthly utility bills between 15 and 40 percent by the year 2030, according to an analysis by the consulting and technology services company ICF.

A May Gallup poll suggested that seven out of 10 people in the US oppose the construction of AI data centres in their area, with about 48 percent saying they were strongly opposed. Slightly more than 25 percent said they favoured such efforts, with only 7 percent saying they strongly favoured them.

Concerns over the impact of such centres on the cost of utilities, such as electricity and water, are commonly cited as reasons for opposition, along with quality of life concerns and scepticism about the benefits of AI.

Some elections across the country have seen AI data centre construction emerge as a prominent issue, but the industry has pushed forward with plans to rapidly scale up infrastructure for the technology.

A poll from Johns Hopkins University in June suggested that Americans strongly favour greater regulation of AI, and about 60 percent of respondents said they expected AI to increase inequality over the next decade.

Four in 10 respondents said that AI companies stand to increase their power the most from the expansion of the technology, while just one in 10 said that individuals would gain the most.

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Troy Jackson surges as Maine Democrats’ likely Senate pick after Graham Platner’s exit

Troy Jackson, a former Maine lawmaker and fifth-generation logger from the North Maine Woods, has emerged as the likely new replacement for the state’s Democratic Senate nominee after former candidate Graham Platner quit the high-stakes race less than two weeks ago.

Platner’s departure came after a sexual assault allegation that he denied but forced his exit anyway. It sparked a wave of potential candidates eager to prove to Mainers that they could take on longtime Republican Sen. Susan Collins.

But by Sunday, the field had largely been cleared after Jackson supporters spent the weekend securing hundreds of delegates who promised to back him at the upcoming state convention.

Under a never-before-used system to replace Platner, delegates will vote Saturday in Bangor on a new Senate nominee. Out of the 601 delegates who will gather this weekend, Jackson’s campaign says it has 481 delegates committed to supporting him.

Top opponents — including Secretary of State Shenna Bellows and Nirav Shah, former director of Maine’s Center for Disease Control and Prevention — have since dropped out, and Jackson announced Monday that he was focusing his attention on ousting Collins.

“I’m grateful to Democrats across Maine for putting their faith in me and in what we’re fighting for,” Jackson said in a statement.

“This didn’t happen because of one person,” he added. “It happened because hundreds of volunteers put in the hours, knocked on doors, made phone calls, and believed we could build something bigger than ourselves.”

Yet securing the nomination is only just the beginning of challenges facing Jackson. There’s little more than 100 days until the general election, meaning Jackson faces an uphill battle raising campaign funds when Collins already has millions. Jackson also must implement a statewide campaign network and woo over the state’s large independent base.

As former state Senate president, Jackson may be more politically vetted than Platner was running as a first-time candidate, but the logger’s backing of progressive policies will leave him open to plenty of attacks by Republicans, said Nicholas Jacobs, a political scientist at Colby College in Maine.

“The guy does have some pretty interesting positions,” Jacobs said. “Positions that are pretty far to the left of the median voter.”

Jackson supports ‘Medicare for All’ and eliminating ICE

Like Platner, Jackson has said he wants to “get rid of” Immigration and Customs Enforcement, which has become top of mind for many Mainers after an ICE officer fatally shot a driver last week. Democrats have rushed to connect Collins to the embattled federal agency, while Jackson has reiterated his support of dissolving ICE altogether.

Jackson has also called for “Medicare for All,” which would replace job-based and individual private health insurance with a government-run plan that guarantees coverage for all with no premiums, no deductibles and only minimal copays for certain services.

Republicans were already criticizing Jackson as a “socialist” Monday.

“This entire process is just as bad as Kamala’s rigged coronation,” said Republican National Committee spokesperson Kristen Cianci, nodding to former President Biden’s decision to drop out of the presidential race in July 2024, leaving Vice President Kamala Harris to head up the Democratic ticket and ultimately lose to Republican Donald Trump.

“Maine voters have had their voices stolen by party insiders,” Cianci added.

Jackson first ran for office as a Republican

However, unlike the scrutiny Platner faced from a series of controversies, Jackson’s background coming from “old Maine” and his decades of working in the logging industry will help him, Jacobs said.

“He’s the real deal,” Jacobs said.

In 1998, Jackson helped lead a weeklong blockade along the Quebec border in an effort to protest the hiring of Canadian loggers who were coming into Maine and driving down pay rates. The standoff ended with Jackson being escorted away by police, but resulted in Jackson fighting for better logger and wood hauler protections as a state lawmaker.

Jackson initially ran as a Republican in 2000 when he sought a seat inside Maine’s House of Representatives. He lost, but won two years later when he ran as an independent. He switched to the Democratic Party in 2004, and eventually became the Maine Senate president before leaving the statehouse in 2024.

He came in third while running for governor in this year’s Democratic primary election, but had the backing of Platner, U.S. Sen. Bernie Sanders and Our Revolution, the political organization founded by Sanders.

Democrats must net four Senate seats to gain control of the 100-member chamber, and party leaders viewed Maine as a crucial piece of the puzzle, along with Alaska, Ohio and North Carolina.

Kruesi writes for the Associated Press.

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