Cryptocurrencies sharply rebounded on Friday from the previous day's lows with bitcoin (BTC) retaking $63,000 as investors quickly shrugged off worries over slightly hotter inflation readings, turning their attention to a fiscal policy update from China on Saturday.

Bitcoin, the leading crypto asset by market capitalization, shot up 7% from Thursday's trough below $59,000 after the hotter U.S. CPI inflation report, bucking this week's trend of giving up gains during the U.S. trading hours. Recently, BTC was up 5.5% over the past 24 hours, outperforming the broad-market CoinDesk 20 Index's (CD20) 4.7% advance.

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