Bitcoin has changed direction after weeks of retreat during which crypto investors dumped risky assets. The cryptocurrency rose 4% in the past 24 hours to $100,000 immediately following the release of closely-watched inflation data.

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Bitcoin-Nasdaq correlation reached its highest level in two years, as the release of US inflation data bolstered digital asset performance. Bitcoin and US tech stocks now have a 30-day correlation coefficient of 0.

The fall comes after the cryptocurrency experienced a meteoric rise, fueled in part by the reelection of Donald Trump.

Bitcoin briefly hit its lowest price since mid-November as it slipped below $90,000 Monday afternoon, before gradually paring those losses by Tuesday morning. XRP, the popular cry