The inflation numbers were bad for speculative assets because they imply higher interest rates from the Federal Reserve than otherwise.

Bitcoin briefly dipped below $95,000 on Feb. 12, minutes after the US Bureau of Labor Statistics released CPI and inflation data.

U.S. inflation unexpectedly marched higher in January, sending crypto and traditional markets sharply lower. Fed Chair Jerome Powell is expected to speak before U.S. House representatives after telling Senate lawmakers the economy is in a good place and he is committed to addressing the "debanking" of crypto businesses.