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.

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 bounced on Tuesday, rising with other risk assets as traders digested a light inflation reading. On Tuesday the price of the flagship cryptocurrency rose 4% to $96,676.94, according to Coin Metrics,

Bitcoin has surged back to almost $100,000 as key inflation reports show a slowdown, and the stock market is rebounding. The top cryptocurrency is trading at $99,442, representing an increase of 3.5% on Wednesday.