The broader cryptocurrency market has slightly recovered in the last 24 hours. The total crypto market capitalization has gained by around 1%, and it remains above $1 trillion. LBRY Credits (LBC) has set itself apart after making a 76% gain in the last 24 hours.
Cryptocurrency prices recover
The cryptocurrency market is up today after a slight dip witnessed yesterday. Bitcoin and Ether have gained by around 1% and 0.5%, respectively in the past day to trade at $23,057 and $1,574 at the time of writing. Most of the top ten largest cryptocurrencies by market cap are trading in the green today.
While a slight uptrend is being witnessed, there is a possibility that volatility will increase in the coming hours as the markets anxiously await the decision that the Fed will make on interest rates in the upcoming Federal Open Market Committee (FOMC) meeting. Easing interest rate hikes are bound to move the market.
"Next week is critically important," says Wharton Professor Jeremy Siegel on the upcoming FOMC meeting. "We have to get no more than 25 basis points. 50 would be, I think, a disaster." pic.twitter.com/lMoL6wIe7D
— CNBCOvertime (@CNBCOvertime) January 27, 2023
On the other hand, it seems the European economy could be recovering, which could be bullish for the crypto market this year. The Eurozone GDP during the fourth quarter of 2022 increased by 0.1%, which could see interest rates being slashed later in the year.
JUST IN: Eurozone Q4 GDP rises by 0.1%.
— Watcher.Guru (@WatcherGuru) January 31, 2023
While the gains reported by the largest cryptos by market capitalization by market cap remain small, LBC has decoupled from the broader market and is up by 76% in the last 24 hours. The token is rallying as the community celebrates a remarkable win against the United States Securities and Exchange Commission (SEC).
LBC leads market recovery with a 76% uptrend
LBC is the top gainer in the last 24 hours. At the time of writing, LBC was trading at $0.0275, according to data from CoinGecko. The token has traded between $0.014 and $0.028 in the last 24 hours, pointing towards high volatility as profit-takers rush to take advantage of the uptrend.
LBC has a Relative Strength Index (RSI) of 47, with the indicator pointing toward selling pressure. The traders who bought during the rally could be selling to take profits due to uncertainty over whether the uptrend will be sustained. The MACD line also shows the likelihood of a trend reversal.
Nevertheless, the long-term outlook for LBC remains bullish as the team recently won an appeal against the SEC. The win could set precedence over regulations in the cryptocurrency sector, placing LBC in a unique position.
SEC settles in LBRY Credits case
In November last year, the LBRY community was dealt a major blow after a judge ruled that LBC was an investment contract and needed to be registered as a security. However, the judgment was appealed as the parties sought clarity over the ambiguity of the judgment.
Attorney John Deaton argued that the LBC secondary market transactions were not securities. The judge agreed with the argument noting that the judgment made in November did not apply to secondary market sales. The ruling has been applauded by the crypto community, which has previously criticized the SEC for overreaching through enforcement.
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