Pyth Network (PYTH) Price: Explodes 70% on US Government Partnership
TLDR
PYTH token surged over 70% after US Department of Commerce selected Pyth Network to verify and distribute economic data on blockchain
Trading volumes exploded by over 2,700% in 24 hours as the token peaked above $0.20
US government will publish GDP data across nine blockchains including Bitcoin, Ethereum, and Solana
Chainlink was also named as a key oracle partner alongside Pyth Network for data dissemination
The partnership marks the first time official US economic data will be published directly on blockchain networks
The Pyth Network token experienced a massive price surge on Thursday after the US Department of Commerce announced it would use the blockchain oracle service to publish official economic data. PYTH jumped more than 70% to peak above $0.20, reaching its highest level since February.
The rally pushed PYTH’s market capitalization above $1 billion while trading volumes skyrocketed over 2,700% in 24 hours. The token was trading near $0.17-$0.19 range following the initial spike.
The Department of Commerce confirmed that quarterly GDP figures would be published across nine different blockchains. These include major networks like Bitcoin, Ethereum, Solana, Tron, Stellar and Avalanche.
The U.S. Department of Commerce has selected Pyth Network to verify & distribute economic data onchain 🏛️
Today’s announcement by @howardlutnick & @realDonaldTrump marks a landmark step for the adoption of decentralization & validates Pyth’s role as a trusted data source 🧵 ⬇️ pic.twitter.com/cOvw8lDNhP
— Pyth Network 🔮 (@PythNetwork) August 28, 2025
Pyth Network shares this government contract with Chainlink, another major oracle provider. Both companies will serve as key partners in disseminating official US economic data across blockchain networks.
The Bureau of Economic Analysis will provide real-time feeds including GDP, PCE Price Index, and private sales data directly to these oracle networks. This represents the first time government economic indicators will be delivered to public blockchains.
Oracle Technology Powers Government Data
Pyth Network operates as a decentralized oracle system that delivers real-time financial market data directly onto blockchains. The platform brings offchain data such as stock prices, foreign exchange rates and commodities onchain for use in decentralized finance applications.
The oracle technology ensures that government-published data gets properly distributed and secured across multiple blockchain networks. Pyth currently provides price feeds to over 100 different blockchains.
Marc from Pyth Labs emphasized the immediate availability of the service. He noted that 23 US GDP data points are already accessible on 100+ chains through Pyth’s infrastructure.
The government partnership provides institutional validation for oracle technology in traditional finance. This bridges Wall Street data with decentralized finance protocols for the first time at the federal level.
Trading activity reflected strong institutional and retail interest in the announcement. Social sentiment turned euphoric within minutes as the Bloomberg headline about US GDP data on blockchain went viral.
Pyth Price Prediction
The blockchain initiative aligns with President Trump’s broader digital asset agenda. The administration has already advanced several pro-crypto legislative measures including the GENIUS Stablecoin Act.
The House of Representatives recently passed both a comprehensive market structure bill and an anti-CBDC bill. Both measures now head to the Senate for consideration.
Trump’s Securities and Exchange Commission has approved multiple cryptocurrency exchange-traded funds. The agency also clarified that certain liquid staking activities fall outside its jurisdiction.
The blockchain data project comes after criticism of official government statistics. Trump previously claimed employment figures from the Bureau of Labor Statistics were “rigged” following major downward revisions.
The administration fired BLS Commissioner Erika McEntarfer earlier this month. The blockchain initiative appears designed to increase transparency in government data reporting.
Source: TradingView
Technical analysis shows PYTH breaking above key resistance levels. The token found support around $0.16 with potential resistance between $0.21-$0.23.
Moving averages turned bullish with 8 out of 11 major averages flashing buy signals. The 10-day EMA sits at $0.1342 while the 20-day SMA provides support at $0.1418.
Despite the recent surge, PYTH remains down 50% year-to-date and over 37% in the past year. The Bureau of Economic Analysis will begin providing the real-time data feeds immediately through both Pyth Network and Chainlink’s oracle infrastructure.
The post Pyth Network (PYTH) Price: Explodes 70% on US Government Partnership appeared first on CoinCentral.
Filed under: News - @ August 29, 2025 9:27 am