Interest rates are so high that risky investments are not worth it. Period. The yields are high enough so that it may beat any risky asset in the short and maybe even mid term.
The interest rates were raised as an attempt to save the economy. The central banks all over the world are starting to deem the economies safe, so they may start to stop raising the rates, and some may even lower it.
The USA announced that they are not raising their rates again this time, but they did not say they are going to lower it soon either, they just said they will keep an eye out to decide what to do next, and when.
Image source with even more information: https://www.statista.com/chart/21023/us-federal-funds-target-rate/
Brasil was one of the first countries to start raising the interest rates shortly after the pandemic, and raised it the most, to the point that for months it was the best yield, even when adjusted for inflation, in the world.
Now again Brazil seems to be the first of the major world economies to start lowering the interest rates. It lowered once this year and just today lowered it again for the second time in a row. From a high of 13.75% to now 12.75% putting it as the second highest yield adjusted for inflation, just slightly behind México!
Image source with even more information: https://investnews.com.br/financas/selic-em-1275-renda-fixa-segue-atrativa-veja-quanto-rendem-as-aplicacoes/
The Brazilian Real (BRL) has been going up and some say it is thanks to the difference in yield. It has been profitable, in general, to take money from the USA and put it in Brazil to profit off of the difference in interest rates.
Now, as Brazil starts to lower the interest rates, it will show us if the currency is actually strong and continues the uptrend or it was just money following trends and strong short-term financial incentives.
If more banks over the world start lowering their interest rates the risky markets, like crypto, may see some influx of investment, as people will seek higher returns in exchange for some more risk.