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 Monday, the price of bitcoin slid below $90,000, representing the lowest level in two months for the world’s top cryptocurrency. The drop was driven by concerns that the Federal Reserve might delay interest rate cuts and broader macroeconomic factors like persistent inflation and fears of stagflation.

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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.