US Treasury Secretary Scott Bessent said yesterday that cryptocurrencies will help preserve the dollar's global dominance. According to him, the United States intends to become a leader in digital assets precisely to strengthen the global influence of the American currency. That is a powerful signal for the market, because over recent weeks Washington has gradually opened the banking perimeter to crypto issuers, and now an ideological framework has appeared that explains this course.

Stablecoins occupied a central place in his remarks. Bessent stressed that their wider adoption will increase demand for dollars and US government bonds, thereby creating an additional funding source for the Treasury. That explains the department's interest. US government debt has exceeded $40 trillion, annual interest payments reach $1.28 trillion, and any new steady buyer of Treasuries looks valuable to the Secretary. Stablecoins backed by bond reserves become such a buyer.

The regulatory part of the speech was less optimistic. After the failure of the CLARITY Act bill, the Treasury intends to cooperate with the SEC and CFTC in drafting crypto-market rules. Recall that Galaxy Digital in September reduced the probability of the law being passed in 2026 from 60% to 10%, so this decision looks like a logical workaround. If lawmakers cannot agree, the agencies will write the rules. That is faster for the industry but less durable, since regulatory guidance is easier to revise than statute.

Bessent also addressed a painful industry issue. He called for mechanisms to prevent banks from unjustifiably refusing to serve crypto firms. This directly responds to complaints that crypto companies are losing bank accounts without explanation. Taken together with the OCC's final rules under the GENIUS Act, calls for small banks to issue stablecoins, and HSBC's launch of RedCoin in Hong Kong, a coherent picture emerges: states are turning stablecoins from a fringe product into part of the financial system.

I believe Bessent's remarks will not have a direct impact on Bitcoin's price today, because the market is focused on the Fed's decision and the tone of the press conference. But over the medium term, political support for stablecoins and banking access will grow, and I expect further steps from the Treasury, the SEC and the CFTC in the coming months. The main beneficiaries will be payment infrastructure and custodial services, while for Bitcoin itself this policy will be more of a background positive that will materialise after uncertainty around rates subsides.

Technical analysis and recommendations

Bitcoin

Buyers are currently targeting a return to $81,700, which would open a direct path to $83,000 and from there to $84,500 — a break above which would signal attempts to restore the bull market. On the downside, buyers are expected at $79,900. A drop below that area could quickly push BTC toward $78,500. The next downside target would be around $76,900.

Ethereum

A clear hold above $2,398 would open a direct path to $2,455. The farther target is the $2,508 high; overcoming that level would indicate strengthening bullish sentiment and renewed buyer interest. On the downside, buyers are expected at $2,343. A return below that area could quickly push ETH toward $2,305. The next downside target would be around $2,231.

What's on the chart

• The red lines represent support and resistance levels, where the price is expected to either pause or react sharply.
• The green line shows the 50-day moving average.
• The blue line is the 100-day moving average.
• The lime line is the 200-day moving average.

Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.