Bitcoin backs off from 50k yet again

Bitcoin was already rebounding from earlier session lows long before the latest US CPI report hit the street. That data was pretty much as expected, as was noted in an update after its release. That does rather belie the fact that the US clearly has an inflation problem, but what we are talking about in terms of markets reaction this afternoon; is little more than reality over expectation. Nevertheless, that is where we are at right now and Bitcoin reacted in a similar fashion. The lead cryptocurrency spiked back above 50k immediately, rising to a new session high at 50,101. It has backed a little since then, but this wider markets have given it some reason to believe in itself a little more this afternoon for sure. It is currently trading at 49,775