Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Altseason Coming Early?: A significant drop in gas fees on the Ethereum network suggests a potential signal for an altcoin rally. Historically, fee patterns have correlated with market sentiment cycles, and the decrease in fees, coupled with Ethereum's slight price uptick, prompts speculation about the resurgence of altcoins.

2. Bullish Momentum Hints: Bitcoin's recent price stability, along with a rebound in altcoin performance, fuels optimism among traders for a robust altseason akin to 2017. Altcoins demonstrate resilience, indicating potential market dynamics shift, driven by positive technical indicators and sentiment.

3. Io.net Cybersecurity Breach: Io.net, a decentralized physical infrastructure network, responds to a recent cybersecurity breach with swift action to address vulnerabilities. The breach, targeting GPU metadata via a SQL injection attack, prompts security upgrades and remedial measures to fortify network defenses.

4. 💡Feature of the Day - Google Cloud's Web3 Portal: Google Cloud's launch of a Web3 portal receives mixed responses from the crypto community. While some view it as a valuable resource for blockchain developers, others criticize its perceived shortcomings, such as the absence of native support for Bitcoin and Lightning Network.

5. 📈Technical Analysis Masterclass - Are you interested in Starknet? Watch UseTheBitcoin’s latest Youtube video “Starknet Crypto Review (Long term or Short term?)” to know if our in-house technical analysis expert would trade this coin or nah!

   
   All this and more in today’s headlines!

📰 News Highlights:

📉 Altseason Coming Early? [Source][Source][Source][Source]

Recent data from Santiment indicates a significant drop in gas fees on the Ethereum network, marking the lowest levels seen in over six months.

Analysts suggest that this decline could hint at an imminent altcoin rally, as historically, fee patterns have correlated with market sentiment cycles. The decrease in fees comes amid a slight uptick in Ether's price, prompting speculation about the potential resurgence of altcoins in the market.

While Ethereum gas fees soared to an eight-month high earlier this year, recent developments suggest a reversal of this trend.

Santiment's analysis posits that the reduced network activity could pave the way for increased demand and a subsequent rally in altcoins.

📈 Bullish Momentum Hints [Source][Source][Source]

Bitcoin's recent price stability, coupled with a rebound in altcoin performance, has sparked optimism among traders, with many anticipating the onset of a robust altseason reminiscent of 2017.

Market analysts observe a pattern of altcoins performing strongly during out-of-hours trading sessions, suggesting underlying bullish sentiment.

Notably, traders anticipate a breakout in altcoin prices, driven by waning dominance of stablecoins like Tether (USDT) and the emergence of favorable market conditions.

Despite lingering uncertainties, traders remain hopeful for sustained momentum in both Bitcoin and altcoin markets, buoyed by positive technical indicators and market sentiment.

🛡️ Io.net Cybersecurity Breach [Source][Source][Source]

Following a recent cybersecurity breach, Io.net, a decentralized physical infrastructure network (DePIN), has taken swift action to address vulnerabilities and reassure users of network security.

The breach, characterized by a SQL injection attack targeting GPU metadata, prompted immediate security upgrades and remedial measures to mitigate potential risks.

Husky.io, Io.net's chief security officer, spearheaded efforts to bolster network defenses and implement stringent authentication protocols to prevent unauthorized access. While the attack did not compromise GPU hardware integrity, Io.net remains vigilant in monitoring and fortifying its security infrastructure to thwart future threats.

💡 Feature of the Day: 

🌐 Google Cloud's Web3 Portal [Source][Source][Source][Source]

Google Cloud's recent launch of a Web3 portal has elicited mixed responses from the crypto community, with opinions divided on its significance and impact.

While some view the portal as a comprehensive resource for blockchain developers, others criticize its perceived shortcomings, including the absence of native support for Bitcoin and Lightning Network.

Critics argue that Google Cloud's entry into the Web3 space falls short of expectations, citing a lack of innovation and delayed adoption of key blockchain technologies.

Nonetheless, proponents praise the portal's educational resources and integration with blockchain networks, highlighting its potential to accelerate developer adoption and innovation in the space.

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📈Technical Analysis Masterclass:

📉 Starknet Coin Review 📈

Reviewing Starknet on the UseTheBitcoin.com channel, highlighting recent extreme price fluctuations.

Price Fluctuations:

• Starknet witnessed drastic price swings: started at $0.20, surged to $7 (3600% increase), then crashed to $1 within a day.

• Identified as a classic pump and dump scheme, failing to recover and remaining in a bear trend.

Investor Trust and Potential:

• Lack of trust among potential investors due to volatile behavior and pump and dump characteristics.

• Potential interest only if Starknet breaks out of the downtrend and maintains support levels.

Market Perception:

• Starknet receives minimal updates and attention in the news, further affecting investor sentiment.

Our in-house technical analysis expert doesn’t recommended Starknet as a short-term trading opportunity due to the pump and dump nature shown. To learn more about this episode, watch UseTheBitcoin’s latest Youtube video “Starknet Crypto Review (Long term or Short term?).”

Exercise caution and explore more stable investment options! 📉

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com