Bitcoin Hits Historic Low vs Gold as Iran Shuts Strait of Hormuz... Again š¬
Have you ever read about the ā2020 oil goes negativeā day? When crude futures literally traded at minus $37 a barrel, and sellers were paying people to take oil off their hands? Most people laughed, but traders who were paying attention made generational money in the aftermath.
Okay, Iām not saying weāre experiencing those historic moments again. But we are back to square one with the Strait of Hormuz, and itās giving that same energy. While Bitcoin just quietly hit a signal against gold that has only ever appeared once before in its entire history.
And a U.S. federal judge with the best name in American jurisprudence let Elon Musk walk away from an SEC lawsuit for what amounts to pocket change while making sure the world knew exactly how she felt about it.
Hereās what youāre getting today:
- Bitcoin Hits Record Oversold Level Against Gold, Echoing a 660% Rally
- Iran Closes Strait of Hormuz After Warning Shot Hits Ship, Rattling Oil and Crypto Markets
- Judge Approves Elon Musk $1.5 Million SEC Twitter Settlement
- Hong Kong Builds a Gold and Yuan Network That Sidesteps Dollar Stablecoins
Bitcoin Hits Record Oversold Level Against Gold, Echoing a 660% Rally
Bitcoin has reached its most oversold level against gold on record, according to on-chain data. The last time this exact setup appeared, a powerful 660% macro rally in Bitcoin followed. The BTC/Gold ratio measures how many gold ounces one Bitcoin can buy, tracking the relative strength of the two assets. An oversold reading means Bitcoin is trading at a deep discount versus the precious metal, hinting that selling pressure may be nearing exhaustion. The current setup is extreme by any measure. The BTC/Gold oscillator now sits at -1.81 standard deviations from its long-term trend.
Iran Closes Strait of Hormuz After Warning Shot Hits Ship, Rattling Oil and Crypto Markets
The Islamic Revolutionary Guard Corps Navy announced the closure of the Strait of Hormuz on July 11, 2026, after firing a warning shot at a commercial vessel that allegedly failed to follow prescribed shipping routes. The narrow waterway, which typically handles 20-25% of global oil shipments, is now effectively shut to maritime traffic until further notice. If youāre wondering why a naval incident in the Persian Gulf matters to crypto, hereās the thing: Iran has been quietly accepting Bitcoin and stablecoin payments for transit tolls through the strait since mid-March, running the operation through a platform called āHormuz Safe.ā
Judge Approves Elon Musk $1.5 Million SEC Twitter Settlement
Elon Musk's $1.5 million settlement with the Securities and Exchange Commission received court approval Wednesday, ending a lawsuit over his failure to disclose his growing stake in Twitter in 2022 ā though the federal judge who signed off on the deal said it raised "red flags." Despite voicing "significant misgivings" about the arrangement, U.S. District Judge Sparkle Sooknanan signed off on the consent judgment, questioning whether the SEC had adequately pursued accountability from Musk, according to Reuters. In her written opinion, the judge drew a line around the judiciary's proper role.
Hong Kong Builds a Gold and Yuan Network That Sidesteps Dollar Stablecoins
Stablecoins won over users by making money easier to move, long before the financial world agreed on what they meant. That helps explain the scale of USDT and USDC: they never had to replace the global reserve system to become powerful. They simply made dollars easier to move online, and crypto markets made the network effect impossible to ignore. On July 7, 2026, Beijing and Hong Kong unveiled a group of measures designed to strengthen Hong Kongās role in offshore yuan finance. Hong Kong began trial operations of a central gold clearing and settlement system, revived US dollar-denominated gold futures, and said it was exploring yuan-denominated gold futures.
Other Highlights Worth Mentioning
Hong Kong SFC forces crypto platforms to ditch SMS authentication ā Crypto.news
South Korea Crypto Volume Hits a Two-Year Low Amid the KOSDAQ Crash ā BeinCrypto
XRP loses $700 million in futures bets while XRPL builds a $4 billion institutional pipeline ā Cryptoslate
Convicted scammerās āseizedā crypto moves to unknown wallets while in prison as DOJ failed to secure funds ā Cryptorank
COINIGY FACT OF THE DAY
On this day in 2025, Bitcoin became one of the world's largest financial assets after surging past $120,000 for the first time
On this day in 2025, Bitcoin entered uncharted territory, surging past $120,000 for the first time in its history before climbing to a new all-time high above $123,000. The rally wasn't just another bullish price spikeāit reflected growing confidence that crypto was entering a new era of institutional adoption and regulatory clarity. A major catalyst behind the historic move was anticipation surrounding "Crypto Week" in the U.S. House of Representatives, where lawmakers prepared to debate a series of landmark digital asset bills, including the GENIUS Act, CLARITY Act, and the Anti-CBDC Surveillance State Act.
COINIGY MEME OF THE WEEK
