Despite Trump's launch of a Bitcoin Strategic Reserve Plan, Bitcoin's volatility has reached its highest level of the year

BlockBeats News, March 10th, according to The Block, since last Monday when Bitcoin's price volatility reached the highest level of the year, the market's anxiety continues. According to The Block's dashboard data, since Bitcoin's annualized volatility reached 59.4% on Monday, it has stabilized at around 58%. The volatility experienced in the past week is the highest level since December last year.

However, unlike December last year, when the Bitcoin price kept rising as the market expected a crypto-friendly Trump administration, in the recent weeks, the Bitcoin price has been steadily declining, dropping more than 15% in the past month.

The recent Bitcoin volatility occurred as Trump signed an executive order aiming to establish a Bitcoin strategic reserve and met with top leaders in the digital asset space at a "crypto summit," including Coinbase CEO Brian Armstrong and Kraken's Co-CEO Arjun Sethi.

This executive order requires a comprehensive review of the digital assets held by the federal government, including about 200,000 Bitcoins (valued at approximately $17 billion at the time of signing). Trump's "Crypto Czar" David Sacks stated that the U.S. will not sell the Bitcoins held in the reserve but will see them as a "digital version of Fort Knox" (i.e., a national strategic reserve).