Bitcoin crashes below $27,000, dragging down cryptocurrency prices as UK core Consumer Prices Index (CPI) figures exceed expectations. The decline aligns with broader market reactions, raising concerns about inflationary pressures and impacting both the crypto and equity markets.

In a surprising development, the UK's core Consumer Prices Index (CPI) skyrocketed to 6.8%, surpassing expectations and hitting the highest level since 1992. Excluding food, energy, and tobacco, core prices experienced a notable month-on-month acceleration, jumping from 6.2% in March to 6.8% last month.

This time, the UK CPI figures came in higher than expected at 8.7% year on year, showing a decrease from 10.1% in March but still surpassing the consensus estimates of 8.2% from the Reuters poll. Following this, the crypto market has reacted in an unexpected manner.