According to The Block report on March 10, the market's tension has continued since Bitcoin's price volatility reached its highest level of the year last Monday. Based on The Block dashboard data, the annualized volatility of Bitcoin has basically stabilized at around 58% since it reached 59.4% on Monday. The volatility experienced in the past week is the highest level since December last year.

However, unlike December last year, when Bitcoin prices kept rising as the market was optimistic about the crypto-friendly Trump administration, Bitcoin prices have been declining continuously in the past few weeks, falling more than 15% in the past month.

The recent Bitcoin volatility occurred after Trump signed an executive order aimed at establishing a Bitcoin strategic reserve, and met with top leaders in the digital asset space, including Coinbase CEO Brian Armstrong and Kraken co-CEO Arjun Sethi, at the "Crypto Summit".

The executive order requires a comprehensive review of the digital assets held by the federal government, including about 200,000 Bitcoins (worth about $17 billion at the time of signing). Trump's "Crypto Czar" David Sacks said the U.S. will not sell the Bitcoin held in the reserve, but will treat it as a "digital Fort Knox" (i.e., a national strategic reserve).