Chainlink, a decentralized oracle provider, recently announced a partnership with the U.S. Department of Commerce, significantly impacting the price of the LINK token.
Transferring Macro Data to the Blockchain
According to the update, Chainlink will deploy new feeds to deliver current data from the Bureau of Economic Analysis. This move holds significant implications for the broader blockchain industry as it can assist in designing trading strategies and managing risk for DeFi protocols based on macroeconomic factors.
The U.S. government data available will include real GDP levels, GDP percentage changes, the PCE price index, and sales records.
Market Reaction to the News
Following the announcement of its partnership with the U.S. government, the price of Chainlink broke past a short-term resistance level, recording a rebound. As of the time of this writing, the LINK token was trading at $25.56, up by 4.18% in the past 24 hours. The annual price growth of LINK has also reached 18.44%.
Chainlink's Prospects
With significant whale activities and increasing interest in Chainlink as a treasury reserve asset, it is expected that the token can reclaim the $30 mark in the midterm. The market is keenly watching the next developments concerning Chainlink's price.
The partnership between Chainlink and the U.S. Department of Commerce may have a considerable impact on the blockchain industry, facilitating the integration of traditional data into the crypto economy and increasing interest in the LINK token among investors.
