Bitcoin fell below the $27,000 level on the Asia trading day. This led to a decline in all major cryptocurrencies, as traders reacted negatively to the poor U.K. inflation data.

The core Consumer Prices Index rate in the UK was higher than expected at 6.8%, compared to an expected figure of 6.2%. Core prices, excluding tobacco, energy and food, rose by 6.8% in April, up from 6.2% the previous month.

For the third consecutive month, the figures were higher than expected. This dampens hopes for an economic recovery. This will likely increase pressure on the Bank of England in the next few months to continue raising interest rates.

Bitcoin (BTC), which had been gaining ground earlier in the week, has lost 2% over the last 24 hours to trade below the psychological level of $27,000. The price of ETH (Ethereum) was just above $1,800. Solana (SOL), and BNB tokens also showed nominal losses.

Omkar Godbole has contributed to the reporting. )

Sam Reynolds is the editor.