Bitcoin reverses overnight losses, rising to above $70,000 as oil renews decline

Wednesday morning's U.S. inflation data was in line with forecasts, and markets continue to price out any chance of a Fed rate cut at either the March or April meetings. What to know : Trading lower through most of the U.S. morning, bitcoin jumped back above $70,000, appearing to make its move as oil quickly fell $3 per barrel. Amid the ongoing war against Iran, movements in the price of crude have seemingly guided markets this week. In line February U.S. inflation data reinforced market expectations for no Fed rate cuts at either the upcoming March or April policy meetings.