The reasons for the sharp fall of the bitcoin cryptocurrency have become known

The rate of the flagship cryptocurrency BTC $93,242.24 Bitcoin -3.18% Market capitalization $1.85 trillion VOL. 24 hours $2.96 billion has fallen below the support level of $ 27,000, although many traders predicted that the asset would consolidate above this value and further move upward. However, this state of affairs did not come as a surprise to experts, as the main cryptocurrency reacted to poor inflation figures in the UK.

Thus, the basic indicator of the Consumer Price Index (CPI) in the country amounted to 6.8%, which was a record value since 1992. At the same time, experts expected 6.2%.

Analysts noted that the official forecasts were lower than the actual CPI for the 3rd month in a row, which destroys public hopes for the UK’s economic recovery. According to experts, this state of affairs will only increase pressure on the Bank of England. Experts assume that the regulator will continue to raise interest rates in the coming months.

According to CoinGecko, at the time of writing, bitcoin is trading at $ 26,243, with a market capitalization of $ 518.7 billion. Bidders made daily deals worth $ 9.5 billion.

The leading altcoin ETH $3,330.86 Bridged Ether (StarkGate) -0.25% Market capitalization $0.3 billion VOL. 24 hours $1.58 billion is also showing a drop. At the moment, ethereum is worth $ 1780 with a market capitalization of $ 218.9 billion. Traders made daily trading deals worth $ 6.6 billion.