The US Bureau of Labor Statistics (BLS) reported Tuesday that US inflation slowed to 0.4% in February, down from 0.5% the month prior. Year-over-year, inflation retreated to 6.0%, which is in in line with economists’ estimates. In addition, the core rate of inflation, excluding food and energy costs, was up more than estimated to 0.5%, while the yearly rate remained unchanged at 5.5%.

Immiediately following the report, the Bitcoin price (BTC) rose to a nine-month high of $25,484, and then surpassed $26,378 at its peak, marking an eighteen percent increase in 24 hours. This positive news was a clear contrast to recent bank failures. In the prior week, there were two notable break downs: Silicon Valley Bank and Signature Bank, calling into question system financial stability.