Bitcoin jumped more than 3 percent after President Joe Biden said Tuesday that a new report on the U.S. consumer price index reflected progress against inflation, though there is still work to be done.

Major cryptocurrency BTCUSD, -0.09% rose to $22,319 on Tuesday before retreating to about $21,979, according to CoinDesk.

U.S. consumer price index data for January showed a seventh consecutive month of slowing inflation, though it was higher than expected.

According to the Bureau of Labor Statistics, the cost of living in the U.S. rose 0.5 percent in January. Economists polled by the Wall Street Journal had forecast an increase of 0.4 percent. The annual rate of inflation slowed to 6.4 percent from 6.5 percent in December.

The core consumer price index, which excludes food and energy prices, rose 0.4%, above the 0.3% forecast.

The Nasdaq Composite COMP Index, +0.57% was down 0.3% on Tuesday. The Dow Jones Industrial Average fell 0.5% on Tuesday.