Bitcoin Spikes After CPI Data. But Cryptos Are Still Feeling Regulatory Pressures.

Bitcoin and other cryptocurrencies spiked Tuesday after the release of U.S. inflation data, but remained below recent levels as regulatory uncertainty weighed on prices.

The price of Bitcoin has risen 2% over the past 24 hours to near $22,100, remaining below the zone around $23,000 that had marked the largest digital asset’s trading range for weeks until a selloff last week. Bitcoin is still near its lowest level since mid-January after paring gains from a rally that had seen prices jump 40% from the start of the year.