Decentral Block Post

Crypto degens have been quick to try and capitalize on a widely-watched hearing where former United States government officials have claimed the existence of alien spacecraft and “biologics."

Testifying under oath at the House Oversight Subcommittee on National Security, David Grusch, a former Pentagon task force member on Unidentified Aerial Phenomena (UAP) and whistleblower, accused the U.S. government of covering up alien visitation to Earth.

The July 26 hearing has since gone viral, prompting over 50 alien, UFO, or other extra-terrestrial themed-tokens to crop up over the last 24 hours.

While Grusch admitted he couldn’t provide answers to specific questions due to much of the information remaining classified, he said that the United States government was in possession of “non-human” spacecraft. Citing Pentagon sources who still worked on the UAP program, Grusch claimed that there were “non-human biologics” found onboard these craft.

Also testifying at the hearing was executive director of Americans for Safe Aerospace Ryan Graves and retired Navy Commander David Fravor.

In 2018, Ethereum lead developer Fabian Vogelsteller contacted the community for a new standard for smart contracts he created alongside co-founder Vitalik Buterin. Dubbed ERC-20, Vogelsteller, at the time, only wished for input regarding the novel idea. Little did he know that ERC-20 would ignite a wave of initial coin offerings (ICOs) shortly after its inception to become the industry gold standard for issuing tokens on the Ethereum blockchain.

Just as ERC-20 tokens were gaining traction, Vogelsteller left the Ethereum Foundation the same year to focus on developing a new blockchain, Lukso. In an interview with Cointelegraph, the ERC-20 inventor discussed his motivation for creating his multiverse blockchain, as well as the latest token standard developments in the sector.

Cointelegraph: Currently, ERC-20 is the gold token standard in the ecosystem. But in 2018, you left Ethereum to develop Lukso. What was the motivation behind that?

Fabian Vogelsteller: The human story behind it is that Marjorie [who is also Lukso’s co-founder], my wife at the time, had an idea of creating a blockchain for lifestyle and fashion. And I thought that’s a great idea. So, the story evolved to create a blockchain specifically focused on more mainstream use cases, such as for lifestyle, fashion designers, social media, content creators and YouTubers. Anything that's more like what the internet users today would use rather than the token, finance or DeFi world.

CT: What inspired you to create the ERC-20 standard?

Bitcoin broke below the support of its narrow range on July 24, but the bears have not been able to capitalize on it and start a sharp downward move. This is a positive sign, as it shows a lack of aggressive selling at lower levels. The bulls will have to push and sustain the price back above $31,000 to trap the aggressive bears.

Bitcoin’s (BTC) volatility is likely to pick up following the Federal Reserve’s policy decision on July 26 and the subsequent commentary by Fed Chair Jerome Powell. Rather than the knee-jerk reaction to the event, it will be of interest to note where Bitcoin’s price settles down.

When the price enters and remains inside a range for an extended period, the breakout from it usually ends up with a strong trending move. It is difficult to predict the direction of the breakout with certainty. Hence, it is best to wait for the price to escape the range before initiating large bets.

Traders need to be careful because sometimes the first breakout tends to be a fake move. What are the important levels to watch out for in Bitcoin and the altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

The bulls have protected the 50-day simple moving average (SMA) of $29,134 for the past two days, but they have failed to start a strong rebound. This indicates that the bears are keeping up the pressure.