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Bitcoin experienced a downward slide below the $27,000 mark during the Asia trading session, resulting in a broad decline across major cryptocurrencies. This market-wide slump was primarily driven by traders in the broader equity markets reacting to lackluster U.K. inflation figures.
The U.K. core Consumer Prices Index (CPI) rate exceeded expectations, reaching an unexpectedly high level of 6.8% - the highest since 1992. Initial projections had estimated the figure to be 6.2%. This indicates a significant acceleration in core prices, excluding food, energy, and tobacco, which rose by 6.8% last month, compared to 6.2% in March.
For the third consecutive month, the reported figures have exceeded expectations, casting a shadow over hopes of a potential economic rebound. Consequently, this is expected to intensify the pressure on the Bank of England to continue increasing interest rates in the upcoming months.
Over the last 24 hours, bitcoin (BTC) experienced a 2% decline, falling below the significant resistance level of $27,000 and erasing all the gains made earlier this week. Meanwhile, ether (ETH) was trading slightly above $1,800, and solana (SOL) and BNB tokens showed minor losses.