Bitcoin rose modestly early Wednesday after investors reacted to the latest U.S. inflation reading. The world’s largest cryptocurrency was up 2.7% over the past 24 hours to $98,863, according to CoinDesk data.

The fall comes after the cryptocurrency experienced a meteoric rise, fueled in part by the reelection of Donald Trump.

“Bitcoin is up today because both yesterday's producer price index and today's consumer price index were relatively moderate,” said Zach Pandl, head of research at digital asset manager Grayscale. “It raises confidence about disinflation in the economy and the likelihood of Fed rate cuts this year.”