The Bitcoin price increased on Tuesday, reaching levels not seen since last summer, following the release of the latest US inflation data.

According to Coin Metrics, the world’s largest cryptocurrency increased more than 7% to $26,110.50. Whereas analysts had set $25,000 as a key mark to watch. In addition, Ether, the world’s second-largest cryptocurrency, edged up 3.7% to $1,747.11.

Since last Friday, Bitcoin has risen around 28.5%, when Silicon Valley Bank was shuttered, and 59% up for the year. Ether has risen 20% since the end of last week and 45% year-to-date, CNBC reports.

The price rise coincided with the latest consumer price index (CPI) data from the US, revealing a 0.4% rise last month compared to January. In addition, core CPI – not taking into account food and energy prices – showed a monthly rise marginally above economists’ forecasts and a year-on-year change in line with expectations.

Crypto prices have rallied since the end of last week. The Federal Reserve implemented emergency measures following the collapse of Silvergate Bank, Silicon Valley Bank (SVB) and Signature Bank to attempt to allay investor fears of a banking crisis, News BTC reports.

Oanda’s senior market analyst, Edward Moya, said of the recent developments: “Bitcoin is increasing in value as financial stability concerns cause Treasury yields to plummet. In an effort to prevent another huge bank run, federal officials intervened as scepticism about traditional banking rose among some Americans.”

In addition, deVere CEO and founder Nigel Green commented: “The fallout of the banking crisis appears to serve as a stepping stone or launching point for a larger goal or achievement for Bitcoin. It’s a historical springboard event.”

Over the weekend, the global crypto market reached $1.02 trillion. The latest government decision to protect SVB depositors’ funds was a key positive aspect impacting the entire crypto market, the News BTC report adds.