Bitcoin price has hit $60,800 and is finding buyers at $60,580 as this article is being prepared. Big announcements for altcoins are on the horizon. Cryptocurrencies that want to stand out during these rapid rise periods quickly release news about major partnerships, collaborations, and investments. And of course, these announcements have even greater effects on prices.
Why Is Chainlink (LINK) Rising?
We just saw one of these announcements as Ark and 21Shares announced their integration with Chainlink to publish the reserves of their spot Bitcoin ETFs. Chainlink, which we have written about as a long-term player in the RWA field even when its price was at the bottom, has now jumped over $20 due to this news and continues the day with a gain exceeding 6%.
Ark Invest and 21Shares, which will integrate Chainlink’s Proof of Reserve platform, said they have taken a step towards greater transparency. Ophelia Snyder, co-founder and President of 21Shares, said;
“This collaboration allows us to provide an unprecedented level of information and security for our investors’ assets in ARKB.”
Chainlink, which has partnerships with some of the world’s largest traditional finance companies like Swift, is almost monopolizing the DeFi space with its price feeds. Moreover, while striving to expand its corporate partnerships with CCIP, LINK Coin is taking steps to support a supply shortage with its staking pool (and additionally increasing token utility) to drive up the price.
