Bitcoin (BTC) just hit a new all-time high, but Ethereum’s ether (ETH) is the bigger winner.

Elevated interest rates in the U.S. have dented ether’s appeal as the internet equivalent of a bond, offering a fixed-income-like return on staking.

A 25-basis point Fed rate cut will likely be a non-event, and markets will be interested in what Powell thinks of President-elect Donald Trump’s inflationary policy cocktail of loose fiscal policy and import tariffs.