📉 Bitcoin Drops Below $58K

Tech Industry Emissions & Growing Institutional Interest

First time reading? I’m Jordan, and this is The Bitcoin Minimalist. Every Tuesday & Thursday, we scour 100s of sources to bring you need-to-know Bitcoin insights.

Today we’re covering:

  • Bitcoin price falls below $60,000,

  • Big Tech's CO2 emissions don’t compare to BTC mining,

  • 50% of top hedge funds hold Bitcoin,

  • And everything else you need to know.


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Bitcoin Dips Below $58K Amid Market Sell-Off

Bitcoin's Dip: Bitcoin briefly fell to $57,874 on Coinbase, marking the first drop below $58,000 in over two months. It has since stabilized at $58,964 but is down 3.4% for the week.

Liquidation Surge: The sell-off resulted in the liquidation of $54.9 million in Bitcoin long positions within 24 hours, impacting traders who bet on a price increase.

Market Influences: The downturn is partly attributed to concerns over the defunct Japanese exchange Mt. Gox beginning repayments of $8.5 billion in BTC to creditors. However, some analysts believe the impact may not be as severe.

Social Media Reaction: "Buy the dip" mentions have surged across social media platforms, doubling in usage on reddit, X, and 4Chan in the past two days.


🗽 The Supreme Court's ruling against Chevron deference marks a significant power shift from federal agencies to Congress. This change is seen as a boon for the American economy, reducing regulatory burdens and fostering a more predictable environment, particularly beneficial for Bitcoin companies. Enjoy the 4th of July!

📉 Mel Mattison, in TFTC EP. 519, predicts the end of the US dollar by 2027-2028. He bases this prediction on the eurodollar system and unfunded liabilities in Social Security and Medicare. He suggests hedging against this impending crisis with Bitcoin, gold, and silver, emphasizing the importance of preparation and awareness.

🚨 Bitcoin's price fell below $60,000 on July 3, partly due to potential Mt. Gox repayments totaling $9 billion. This decline was exacerbated by a whale selling $180 million worth of BTC within minutes and another depositing 1,723 BTC to Binance. The price is down 18% since June.

📉 Biden's odds of dropping out surged to 80% on Polymarket after a New York Times report. The probability was 55% earlier in the day. This follows a week of heightened speculation and nearly $10 million in bets, with initial odds at 20% before last week's debate with Trump.

📊 Over 50% of top U.S. hedge funds now have exposure to Bitcoin. Bitcoin has outperformed major stocks in 2024, delivering 94% returns compared to the S&P 500's 23%. Hedge funds increasingly see Bitcoin as a viable asset for diversification. Millennium Management holding 27,263 BTC worth $1.69 billion.


Big Tech's Carbon Footprint Surpasses Bitcoin Mining

Big Tech's Rising Emissions: Since 2019, major U.S. tech companies have emitted more CO2 than all Bitcoin mining operations combined since 2014. This surge is driven by the expansion of generative AI products and services.

Comparative Carbon Impact:

Amazon: In 2021, Amazon reported 71.54 million metric tons of carbon dioxide emissions, surpassing Bitcoin's estimated annual emissions of 65.4 million metric tons in 2022.

Other Tech Giants: Google and Microsoft reported emissions of 14.3 million and 15.3 million tons respectively in 2023, with Apple adding another 15.6 million tons.

Environmental Implications: Despite commitments to "net zero" carbon emissions, the tech industry's environmental impact continues to grow, driven by the increasing demand for AI and cloud computing.

Market Perspective: While Bitcoin mining often faces criticism for its environmental impact, these comparisons underscore the significant carbon footprint of leading tech firms.


Will Bitcoin drop beloe $50,000 USD on this dip?

Please explain your reasoning in the comment.

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Will Bitcoin pass $100,000 in 2024?

👍 Yes - 93.1%

👎 No - 6.9%

👍 Yes - “A simple supply & demand issue.” - Bill

👍 Yes - “Everything goes to 0 against Bitcoin” - Chad

👍 Yes - “The Power Law puts it at the Projected Price: $100,002.48 for Dec. 31, 2024” - Scott

👍 Yes - “Bitcoin has been consolidating since it made a new high of $73,802 on March 14, 2024. This was the first time it ever made a new high pre-halving. On the weekly chart a four-year inverse head and shoulders pattern is playing out that has a minimum target of 131,000 per coin... I expect this break out to occur in 4-8 weeks... Then it is to the moon!” - Michael

👍 Yes - “Could be a lazy summer but may see a dramatic move up as the election nears” - Chris

👍 Yes - “$100K in '24 - $200-250K in '25, then winter.” - Bryan

👎 No - “There is too much uncertainty, governments selling BTC, and fed rate cuts. BTC is flat till 25.” - Wilson


🔒 Bitcoin Core developers introduced a new security disclosure policy to enhance communication around security issues. This new security policy categorizes vulnerabilities by severity and standardizes the process for reporting and disclosing them. Several previously undisclosed vulnerabilities have been revealed, though none are currently deemed critical.

⚖️ Digital Shovel has sued RK Mission Critical for allegedly infringing on its V-Shape technology patents for Bitcoin mining containers, claiming $170 million in unauthorized sales. The lawsuit seeks compensation and an injunction to halt further sales. Digital Shovel developed the technology in 2018 and secured patents by 2024.

⛏️ Marathon Digital, the world's largest Bitcoin miner, did not sell any BTC in June. Marathon’s hashrate doubled to 26.3 EH/s, with plans to reach 50 EH/s by the end of 2024. The firm held 18,536 BTC worth over $1.1 billion and aims to strengthen its holdings more.

📈 CleanSpark mined 445 Bitcoin in June, increasing its production by 6.7% and surpassing its mid-year hashrate target of 20 EH/s. CleanSpark CEO Zach Bradford announced plans to reach 50 EH/s, emphasizing a focus on increasing hashrate over diversifying revenue streams. The firm now holds 6,591 BTC.


He explains how the rising costs of groceries, gas, and other essentials highlight this theft, making it harder to live a sustainable life.

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