Treasury Secretary Bessent's policy to expand oil supply is well received by the Bitcoin market, raising expectations for easing the energy crisis

As U.S. economic policies and the Bitcoin market are closely linked, Secretary of the Treasury Janet Yellen’s new energy strategy is causing ripples in the market. Secretary Yellen announced bold measures to curb the surge in oil prices. Following this news, price fluctuations are also observed in the cryptocurrency market.

Yellen’s Oil Supply Strategy Announcement

Recently, Secretary Yellen revealed that the Trump administration had taken new steps to stabilize energy prices. Central to this is the authorization for purchasing Russian crude oil stranded at sea. The Secretary stated on X, “To expand the global distribution of existing supplies, the U.S. Treasury is providing temporary approval for other countries to purchase Russian crude oil currently stranded at sea.”

Yellen emphasized that this policy would end short-term chaos and bring significant long-term benefits to the national economy. She also suggested that concerns over rising oil prices are an overreaction, indicating confidence in the policy’s effectiveness.

Pressure on Markets from Rising Energy Prices

The background to Yellen’s policy announcement is the worsening energy crisis. Since the outbreak of the Iran conflict, oil prices have risen by 50%. This upward pressure has created a vicious cycle with inflation, casting a dark shadow over the entire economy.

Before the policy announcement on Thursday, oil prices had nearly risen 10%, reaching about $100 per barrel. This sharp increase further accelerated the already sluggish U.S. stock market decline. Simultaneously, bond markets worldwide experienced sell-offs, with the UK 10-year gilt yield exceeding 5% for the first time since 2008, an abnormal situation.

Reactions in the Cryptocurrency Market

In response to Yellen’s policy announcement, the Bitcoin market reacted sensitively. Before the announcement, Bitcoin (BTC) hovered around $70,000 for most of the day. However, immediately after Yellen’s X post, it surged significantly within minutes. This movement suggests that market participants welcomed expectations of easing the energy crisis.

As of March 2026, Bitcoin is trading around $70,860, up 4.71% in 24 hours. This increase indicates that market hopes for stabilized energy prices are spilling over into the crypto space.

Growing Concerns and Doubts About Policy Effectiveness

Meanwhile, there is debate over the effectiveness of Yellen’s policy. Currently, markets are seriously factoring in the possibility of interest rate hikes by the Federal Reserve, a stark contrast to just a few weeks ago when discussions centered on how many rate cuts might occur in 2026.

If energy price stabilization reduces inflationary pressures, Yellen’s policy could be deemed successful. However, more time is needed to verify its impact, and whether market optimism will persist remains uncertain.

Yellen’s policy announcement exemplifies the interaction between economic policy and the cryptocurrency market, serving as an important case for future market trend analysis. Continued attention is necessary to monitor developments toward resolving the energy crisis and stabilizing markets.