Bitcoin rose modestly early Wednesday as investors await the latest U.S. inflation reading. The world’s largest cryptocurrency traded largely flat over the last 24 hours to $96,910, 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.”

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