Bitcoin briefly surged above $89,000 on Thursday as a sharply cooler-than-expected U.S. inflation report came in.

At the time of writing, the bitcoin price was trading near $88,374, down roughly 2% over the past 24 hours, according to market data. The pullback leaves BTC about 2% below its recent seven-day high of $90,165 and roughly 4% above its week’s low near $85,374. Bitcoin’s market capitalization stands at approximately $1.77 trillion, with 19.96 million BTC currently in circulation.

The initial rally was sparked by fresh Consumer Price Index (CPI) data from the U.S. Bureau of Labor Statistics, which showed inflation cooling faster than economists expected. Headline…

Read more on BitcoinMagazine