UK Core CPI Achieves Record High Since 1992, Bitcoin and Ether Take a Hit

UK Core CPI Achieves Record High Since 1992, Bitcoin and Ether Take a Hit

Bitcoin sees a market-wide decline as poor UK inflation figures are released, with the hotter-than-expected UK core Consumer Prices Index (CPI) rate coming in at 6.8% – the highest since 1992.

The annualized 3- 30 days tendency in United Kingdom core CPI is running at a whopping 13.6%, per the United Kingdom Office of National Statistics.

Bitcoin (BTC) slid under the $27,000 level during the Asia trading day, which lead to a market-wide decline in major digital currencies as traders in broader equity markets responded to poor United Kingdom inflation figures.

The hotter-than-expected United Kingdom core Consumer Prices Index (CPI) price came in at 6.8 percent – the highest since 1992 – against an expected figure was 6.2%. This implies profits in core prices, excluding food, energy, and tobacco, accelerated by 6.8 percent the previous  30 days from 6.2 percent in March.

The figures are higher than predicted for the third 30 days in a row, dampening hopes of an economic recovery. As a result, it is very likely add to pressure on the Bank of England to keep raising interest prices in the coming months.

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In the past 24 hours, Bitcoin (BTC) (BTC) lost 2 percent to trade under the psychological resistance level of $27,000, reversing all profits from earlier this coming week. Ether (ETH) traded at just over $1,800, while solana (SOL) and BNB crypto tokens showed nominal losses.

(Omkar Godbole contributed reporting.)

Sam Reynolds.


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