US Economics Data Now Being Hosted by Chainlink, Crypto Market Responds

In a significant development for the cryptocurrency market, Nasdaq-listed CaliberCos Inc. has announced that it has allocated treasury funds to Chainlink (LINK), marking a growing institutional trust in altcoins. This move, which could potentially be the first of many, was revealed by the institution in a recently disclosed LINK strategy.

Following this announcement, the Chainlink price has broken past a short-term resistance level, signaling a long-awaited rebound push. The price of LINK has been on an uptick on different time frames, with a registered 18.44% increase in the year-to-date (YTD) period. This surge, fuelled by positive whale activities, has seen the Chainlink price rocket 868%, indicating significant buying activity from large investors.

Chainlink, known for securing active partnerships with both crypto and mainstream entities, is set to deploy new feeds to deliver data from the Bureau of Economic Analysis. This partnership will see Oracle bring macroeconomic data on-chain through Chainlink, a move that could help design functional trading strategies and DeFi protocol risk management based on macroeconomic factors.

The partnership with the United States Department of Commerce is not the first for Chainlink. The project has a history of securing partnerships with major entities, a fact that has contributed to its correlation with Ethereum's price. With the global and national focus on Chainlink as an oracle and LINK as a treasury asset, the Chainlink price is on track to reclaim the $30 price mark.

Accessible U.S. Government data, including the real GDP level, the GDP percentage change, the PCE price index, and sales records, will be delivered through Chainlink. This development is expected to further enhance the project's utility and potential for growth.

As of press time, the Chainlink price stands at $25.56, up by 4.18% in the past 24 hours. With the positive developments and focus on the project, the Chainlink price jump is likely to continue in the midterm.

In another notable development, Chainlink has been instrumental in helping Shiba Inu maintain its deflationary status. This partnership update underscores the versatility of Chainlink's technology and its potential to revolutionize various sectors of the economy.

The market is closely watching for future developments in the Chainlink price, with the potential for more institutions to follow CaliberCos Inc.'s lead. As institutional trust in altcoins continues to grow, it remains to be seen how this trend will impact the price of LINK and the broader cryptocurrency market.