Bitcoin Stalls Below $80K While Chainlink Jumps on Big Bank Deal

Bitcoin is taking a breather, but one smaller crypto coin is stealing the spotlight.

Bitcoin (the world's largest cryptocurrency) slipped back below $80,000 today, down about 1%. That's still impressive, since it gained more than 20% over the past 30 days. But right now, its price is stuck—it got rejected twice near $82,000 and is trading below a key trend line that analysts watch closely.

Meanwhile, Chainlink (a cryptocurrency known by its ticker LINK) is flying. Here are the key numbers:

• LINK jumped 6.8% in 24 hours, hitting $13.64—its highest since January.
• It was the best performer among the top 10 cryptocurrencies.
• Over the last 30 days, LINK is up 57%.
• Trader bets on LINK (called "open interest") hit an 11-month high of $784 million.

So what's behind Chainlink's rise? A major business deal. A company called Bottomline—one of the top three service providers for SWIFT (the global network banks use to send money to each other)—teamed up with Chainlink. Bottomline handles over $16 trillion in payments yearly and serves 600-plus banks.

The deal lets those banks connect to "blockchain" technology (a digital record-keeping system) without building expensive new systems. Chainlink acts like a behind-the-scenes translator, so banks keep using their normal messaging while gaining access to newer digital tools.

This isn't Chainlink's first big-name connection. SWIFT itself tested Chainlink back in 2023 with major banks like Citi and BNY Mellon. Recently, brokerage giant Charles Schwab also picked Chainlink as one of just three new coins to add to its trading platform.

Looking ahead: For Bitcoin, two big events could shake prices this month—new inflation data and the U.S. Federal Reserve's (America's central bank) interest rate decision on September 16. A strong jobs report has raised the chances that rates could go up.

Bottom line: Bitcoin is resting, but Chainlink's real-world business wins are keeping crypto's hot streak alive—at least for now.

This is an AI-generated summary. Read the original article at: https://decrypt.co/377566/bitcoin-starts-flat-chainlink-price-flying