Bitcoin started the week flat, trading below $80,000 after gaining over 20% during August. The price decline follows two rejections near $82,000 in recent weeks, with the cryptocurrency now trading below its 50-week moving average near $81,000.
Traders are monitoring two key catalysts this month: upcoming inflation data and the Federal Reserve's September 16 rate decision. Friday's stronger-than-expected August jobs report has raised expectations for a potential rate hike.
While Bitcoin remained relatively static, Chainlink's LINK token delivered the strongest performance among the top 10 cryptocurrencies by market cap. LINK climbed to $13.64 on Monday, marking its highest price since January 18 and representing a 6.8% gain in 24 hours. Open interest on LINK derivatives contracts also reached an 11-month high of $784 million.
The rally appears linked to Chainlink's announcement of a partnership with Bottomline, a top-three SWIFT services provider that processes more than $16 trillion in payments annually for over 600 banks. Bottomline will connect its existing systems to public and private blockchains through Chainlink's infrastructure, serving approximately 1,200 financial institutions and 10,000 businesses worldwide.
The partnership leverages two Chainlink products: the Cross-Chain Interoperability Protocol (CCIP), which has been operational since July 2023 across more than 60 blockchains, and the Chainlink Runtime Environment (CRE), which coordinates end-to-end payment workflows. Banks will continue using standard ISO 20022 messages, the global payment instruction standard that achieved 97% adoption following a November 2025 switchover, with Chainlink serving as the underlying connector.
The Bottomline deal is not Chainlink's first foray into traditional finance infrastructure. SWIFT conducted interoperability experiments with Chainlink in 2023 involving more than 10 institutions, including Citi and BNY Mellon. Standard Chartered previously cited Chainlink's $110 billion in secured value when setting a $200 price target for LINK by 2030. Additionally, Charles Schwab announced in late August that it would expand its retail crypto trading offerings to include Solana, Avalanche, and Chainlink alongside Bitcoin and Ethereum.
Over the past 30 days, LINK has gained 57%, significantly outperforming most other cryptocurrencies in the top 20 by market cap.
