The price of Bitcoin (BTC) saw a sharp uptick over $26,000 as the U.S. Department of Labor released the latest consumer price index (CPI) data for February 2023.

CPI rose 0.4% last month on a seasonally adjusted basis, with the department noting that the all items index denoting inflation increased by 6% over the last year.

CNBC reported that conventional markets were volatile following the release, while cryptocurrency markets reacted positively. Bitcoin saw a surge in price alongside Ether (ETH) according to data from Coinmarketcap.