Axie Infinity Co-founder: ETH is most sensitive to the Federal Reserve interest rate

Odaily Planet Daily reported that cryptocurrency markets rallied on Saturday, with market sentiment returning to "greed" after dovish comments from US Federal Reserve Chairman Jerome Powell sparked speculation about a possible September rate cut. Axie Infinity co-founder Jeffrey "Jiho" Zirlin noted that ETH is the most interest rate-sensitive cryptocurrency, as the yield differential between depositing stablecoins in DeFi and holding US dollars in banks widens as interest rates fall. However, St. Louis Fed President Alberto Musallem indicated that more time is needed to decide whether to support a rate cut, but some cryptocurrency market participants anticipate further gains if Powell hints at a rate cut. (Cointelegraph)