Bitcoin's value dropped below $27,000 during Asia's trading day, causing a decline in major cryptocurrencies as traders in broader equity markets reacted to poor U.K. inflation figures. The U.K.'s core Consumer Prices Index rate was higher than expected for the third month in a row, coming in at 6.8%, the highest since 1992. This may add pressure on the Bank of England to keep raising interest rates in the coming months.

In the past 24 hours, bitcoin lost 2% to trade under $27,000, reversing all gains from earlier this week, while other cryptocurrencies showed nominal losses.