UK, high inflation since 1992 ── major coins such as BTC, ETH fall | coindesk JAPAN | Coindesk Japan

Bitcoin fell below $27,000 in intraday trading in Asia, leading to a market-wide drop in major crypto assets as traders across the broader stock market reacted to inflation in the UK.

The UK’s core CPI (consumer price index) rose more than expected by 6.8%, the highest since 1992. This means that core inflation, which excludes food, energy and tobacco, accelerated further in April from 6.2% in March.

The figure beat expectations for the third month in a row, dampening hopes of an economic recovery. That will likely put more pressure on the Bank of England to continue raising interest rates in the coming months.

Over the past 24 hours, Bitcoin (BTC) has fallen 2% below the psychological resistance level of $27,000, wiping out all gains since the beginning of the week. Ethereum (ETH) is also down more than 2%, trading above $1,800, while Solana (SOL) and Binance Coin (BNB) have also fallen.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: Bitcoin, Ether Slip as UK Core CPI Reaches Highest Since 1992