{"id":9156,"date":"2025-08-28T18:05:10","date_gmt":"2025-08-28T18:05:10","guid":{"rendered":"https:\/\/bitunikey.com\/news\/pyth-price-soars-60-as-us-picks-pyth-network-for-onchain-data-verification\/"},"modified":"2025-08-28T18:05:12","modified_gmt":"2025-08-28T18:05:12","slug":"pyth-price-soars-60-as-us-picks-pyth-network-for-onchain-data-verification","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/pyth-price-soars-60-as-us-picks-pyth-network-for-onchain-data-verification\/","title":{"rendered":"PYTH price soars 60% as US picks Pyth Network for onchain data verification"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Pyth Network price jumped more than 60% as the cryptocurrency reacted to news that the U.S. Department of Commerce has selected the oracle platform as a strategic partner in the verification and distribution of on-chain economic data.<\/p>\n<div id=\"cn-block-summary-block_89dc948d4abe245548a3b8b5851b52e3\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Pyth Network price soared 60% to hit highs of $0.20 as volume spiked 2,700%.<\/li>\n<li>Gains for PYTH came after the U.S. Department of Commerce picked Pyth Network to verify and distribute economic data published onchain.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p><span style=\"margin: 0px; padding: 0px;\">The U.S. Department of Commerce\u00a0<a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.commerce.gov\/news\/press-releases\/2025\/08\/department-commerce-posts-2nd-quarter-gross-domestic-product-blockchain\" target=\"_blank\">said<\/a>\u00a0on Thursday, August 28, that it would be publishing the country\u2019s economic data on the blockchain, and Pyth Network (PYTH) and Chainlink (LINK) would be the blockchain platforms that help verify and distribute this economic data on-chain.<\/span><\/p>\n<p>PYTH price, which had struggled below $0.12, shot to highs of $0.20, surging by more than 60%. The coin\u2019s daily volume also rose sharply, with the 24-hour increase a staggering 2,700% as buying pressure mounted. <\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Pyth price chart. Source: crypto.news<\/figcaption><\/figure>\n<p>Meanwhile, Pyth Network\u2019s market cap has surged to over $1 billion as PYTH hits prices last seen in May.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\">U.S. Department of Commerce brings economic data onchain<\/h2>\n<p>Thursday was a big day for the crypto space as the U.S. Department of Commerce announced it will publish gross domestic product data on multiple blockchains, including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).<\/p>\n<p>The agency will work with Pyth Network, which will power the distribution of such data on the blockchain. Real U.S. GDP,\u00a0 which rose 3.3% annually in July, is now onchain. As well as Bitcoin, Ethereum, and Solana, the data is also on Stellar, TRON, Avalanche, Arbitrum One, Polygon, and Optimism.\u00a0\u00a0<\/p>\n<p>While the oracle platforms Pyth and Chainlink helped disseminate the data, the federal agency tapped into crypto exchanges Coinbase, Gemini, and Kraken for publishing.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe are making America\u2019s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world. And everybody has to admit that 3.3% GDP growth is impressive,\u201d said U.S. Secretary of Commerce Howard Lutnick.<\/p>\n<\/blockquote>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Pyth Network price jumped more than 60% as the cryptocurrency reacted to news that the U.S. Department of Commerce has selected the oracle platform as a strategic partner in the&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/9156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=9156"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/9156\/revisions"}],"predecessor-version":[{"id":9157,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/9156\/revisions\/9157"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/1899"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=9156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=9156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=9156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}