The biggest crypto currency was at $30,030, off a few fractions of a percentage point during the last 24 hours

Bitcoin (BTC) was near $30k Wednesday afternoon following the latest U.S. Consumer Price Index (CPI) report which showed inflation cooling a bit but not by as much as economists had anticipated.

The biggest crypto currency in terms of market capitalization recently sat at $30,030, off a few fractions of a percentage point during the last 24 hours, as per CoinDesk’s data. The price of Bitcoin hit $30,548 earlier Wednesday following the Bureau of Labor Statistics’ inflation data which showed the Consumer Price Index rising 0.1 per cent in March, slower than economists’ 0.2 per cent forecast for the month and February’s 0.4 per cent figures. On a YOY basis, the Consumer Price Index was 5 per cent higher, 6 per cent lower compared with figures in February and against anticipations of 5.2 per cent.

Bitcoin’s profit-taking is “intensifying” after the report, Edward Moya, senior market analyst at foreign exchange Oanda, stated in a Wednesday note.

It appears the momentum rally for bitcoin might be over for now, Moya stated. Inflation protection and a splitting of its link with equities might recede for a while. Moya further said that Bitcoin appears to be poised to consolidate as it will clearly require a strong impetus to keep the rally going.

Ether (ETH), the second-biggest crypto currency in market value, was recently at $1,914, up 0.3 per cent from Tuesday. Validators and market participants are focussing on Ethereum’s Shanghai (or Shapella) upgrade.

Crypto experts and traders are divided over the effect of the event on the market with some anticipating Ether selling pressure to send the token’s price lower, but others expecting less considerable impact on price.

Bitcoin and Ether have increased by over 6 per cent and 4 per cent, respectively, during the last seven days.