The U.S. Department of Commerce has entered into partnerships with leading blockchain oracle providers Chainlink and Pyth Network to publish official macroeconomic data directly on-chain.
Following this, the Pyth Network’s native token “PYTH” token recorded a 3,389% surge in its daily trading volume to $874.99 million. With a jump of around 56% in its market valuation, this altcoin has once again claimed the billion dollar milestone and is currently valued at $1.02 billion.
The recent announcement marks a major step in integrating blockchain technology with federal data infrastructure, signaling growing government adoption of Web3 tools.
Pyth Network To Publish US GDP Data
According to Thursday’s announcement, Pyth Network will serve as the publisher of U.S. gross domestic product (GDP) data, one of the most important indicators of national economic output. The initiative aligns with the Trump administration’s broader push to increase transparency in government spending and strengthen the U.S.’s position as a global crypto hub.
https://twitter.com/PythNetwork/status/1961063140281725138
The integration could also enhance a range of tokenized financial instruments. Stablecoins, government bond tokens, perpetual futures contracts, and real-world assets (RWAs) that depend on reliable macroeconomic inputs stand to gain from the increased availability of transparent, tamper-resistant data.
With this move, the Commerce Department signals a bold step toward bridging traditional economic reporting with the decentralized finance ecosystem.
PYTH Price Surges 56% Within Hours
The PYTH price has recorded its highest single day jump on August 28 after witnessing a consolidated price action for about one month. Following the announcement, this crypto token gained massive attention, resulting in it breaking out of multiple resistance trend levels.
The Bear Bull Power (BBP) which highlights the buying – selling pressure for a digital asset shows a steep rise in the green histogram. This trend suggests an increase in the bullish (buying) pressure for the pyth network price in the market.
If the market bulls continue gaining momentum, it could break out of its immediate resistance level of $0.19580 and head toward its key resistance level of $0.22515 shortly. In an extreme bullish situation, the PYTH price could retest its February high of about $0.25155.
Conversely, a profit-booking could lead to a retest to its support trendline of $0.167. An increase in negative sentiment at that point could result in it plunging toward its lower support of $0.140. The critical watch point for this altcoin is at $0.113 where it has shown increased volatility historically.
Also Read: Caliber Shares Surge 80% as It Announces Chainlink Treasury Plan
Disclaimer: The Crypto Times does not endorse or promote this digital asset in any manner. This article was created only for educational purposes. Make sure to “DYOR” as the market is highly volatile. New positions should be done by traders being careful and awaiting volume-backed breakouts.
