CHAINLINK price, news and Forecast (LINK US DOLLAR)
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Ripple nears lifeline support as macro risks intensify
Ripple continues to face significant selling pressure, sliding below $1.10 at the time of writing on Wednesday. This decline mirrors the broader weakness in the crypto market, exacerbated by mounting macroeconomic headwinds and persistent geopolitical uncertainties.
Crypto Today: Bitcoin, Ethereum, XRP trade under pressure as September Fed rate-hike odds increase
Bitcoin is trading between $62,000 and $63,000 at the time of writing on Wednesday, weighed down by headwinds stemming from macroeconomic uncertainty and geopolitical tensions in the Middle East, especially as the US and Iran continue to offer conflicting accounts of the nuclear discussions.
Cardano vulnerable to deeper losses amid SecondFi exploit
Cardano price hovers below $0.1500 at press time on Wednesday, extending a refreshed bearish impulse move of over 20% in the last nine days. The exploitation of the Cardano ecosystem’s SecondFi wallet-generation software, resulting in a loss of about 16 million ADA, weighs on retail strength.
Bitcoin struggles as institutional demand remains weak
Bitcoin remains under pressure, trading around $62,700 on Wednesday after losing 2% the previous day. Persistent institutional selling, with spot Exchange Traded Funds (ETFs) recording outflows on Tuesday, continues to weigh on BTC.
Bitcoin: Recovery hopes fade after the Fed spoils the party
Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.
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WHAT IS CHAINLINK?
Chainlink is a decentralized oracle network that greatly expands the capabilities of smart contracts by enabling access to real-world data and off-chain computation while maintaining the security and reliability guarantees inherent to blockchain technology.
LINK tokens are the digital assets used to pay for services on the network.
Characteristics of Chainlink
Chainlink main objective was creating a blockchain that allows users to connect with real world data.
- Chainlink makes it possible for users to work with off-chain data.
- It offers the possibility of making payments through a contract to any payment system or banking network.
- Its users can use smart contracts which includes an oracle reputation called a service level agreement. It punishes the oracles that violate network rules or provide incorrect data.
- Uses an aggregation contract to collect all the off-chain oracles’ data to create a weighted aggregate response.
Differences between Chainlink and Bitcoin
Which are the main differences betweeen LINK and BTC?
- LINK demand and value of the tokens is directly correlated to the number of operators that offer off-chain services to the system.
- The LINK token is described by developers as an ERC-20 token, with the additional ERC-223 “transfer and call” functionality.
- The LINK token sale was capped at $32 million, with a total supply of 1 billion LINK tokens.