Bitcoin and other cryptocurrencies were falling on 17 August, finally making significant moves after weeks of inaction as traders sold digital assets amid expectations that interest rates will remain higher for longer than once thought.

The price of bitcoin has dropped 2% over the past 24 hours to $28,500. It is volatile action characteristic of the largest crypto that largely has been absent in recent months as bitcoin has languished between $29,000 and $30,000 in a lull of historically low volatility.