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Decentralized oracle service provider Chainlink (LINK) has made several headlines in recent times, which has helped trigger a massive price rebound. In a recent announcement, the protocol confirmed it has now partnered with the United States Department of Commerce. The deal will see Oracle bring macroeconomic data on-chain.
Macro data to go on-chain
Per the update, Chainlink will deploy new feeds that will help deliver the right data from the Bureau of Economic Analysis.
This move has a major incentive for the broader blockchain industry. Besides helping to design functional trading strategies, it can also help in the design of DeFi protocol risk management riding on macroeconomic factors.
Among the U.S. Government data that will be accessible are the real GDP level, the GDP percentage change, the PCE price index and sales records, among others.
It is not uncommon for Chainlink to secure active partnerships with crypto and mainstream entities. As reported earlier by U.Today, Chainlink is helping Shiba Inu maintain its deflationary status in a recent partnership update.
With an active role in the evolution of blockchain, institutions are beginning to explore Chainlink as a treasury reserve asset. Nasdaq-listed Caliber just revealed its LINK strategy, in what may become the first of many.
Chainlink price in spotlight
Following the U.S. government partnership announcement, the Chainlink price broke past a short-term resistance level in a long-awaited rebound push.
As of press time, Chainlink's price was changing hands for $25.56, up by 4.18% in the past 24 hours. The token has maintained an uptick on different time frames with a registered 18.44% in the year-to-date (YTD) period.
Known to jump in correlation with Ethereum, the Chainlink price is on track to reclaim the $30 price mark. With the global and national focus on Chainlink as an oracle and LINK as a treasury asset, attaining this level is likely in the midterm.
Amid positive LINK whale activities, the market is keenly looking at what's next for the Chainlink price.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team