Bitcoin, Ether Slip as UK Core CPI Reaches Highest Since 1992

The annualized 3-month trend in UK core CPI is running at a whopping 13.6%, per the UK Office of National Statistics.

AccessTimeIconMay 24, 2023 at 8:01 a.m. UTC
Updated May 24, 2023 at 2:45 p.m. UTC

Bitcoin slid under the $27,000 level during the Asia trading day, which lead to a market-wide decline in major cryptocurrencies as traders in broader equity markets reacted to poor U.K. inflation figures.

The hotter-than-expected U.K. core Consumer Prices Index (CPI) rate came in at 6.8% – the highest since 1992 – against an expected figure was 6.2%. This means gains in core prices, excluding food, energy, and tobacco, accelerated by 6.8% last month from 6.2% in March.

The figures are higher than expected for the third month in a row, dampening hopes of an economic recovery. As such, it is likely to add to pressure on the Bank of England to keep raising interest rates in the coming months.

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

(Omkar Godbole contributed reporting.)

Edited by Sam Reynolds.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Read more about