On Wednesday, the price of bitcoin continued rising, surging to over $99,000 as it looked poised to return to the $100,000 mark, driven by new inflation data. Minutes after the U.S. Bureau of Labor Statistics unveiled new data from the Consumer Price Index, bitcoin’s price jumped by $1,500, representing a 2% price improvement for the day.

Bitcoin extended its rebound on Wednesday, hovering below the $100,000 after another encouraging inflation report stirred risk-on appetite.

Bitcoin was rising marginally but remained below $100,000 following a retracement from last month's record high. "Discretion may be the better part of valour in digital assets over the next week or so,