Key Points
- Steve Weiss, an American investor, has further reduced his exposure to Bitcoin due to its stagnant price movement.
- The SEC, under acting chair Mark Uyeda, is working to clarify cryptocurrency regulations and has launched a dedicated Crypto Task Force.
American investor Steve Weiss has decided to decrease his Bitcoin holdings as the digital asset’s price continues to fluctuate within a specific range.
While on CNBC’s “Halftime Report”, Weiss announced another round of profit-taking from his Bitcoin position through BlackRock’s spot exchange-traded fund. This decision comes amidst the financial market’s ongoing macro-driven volatility.
Weiss Cuts Bitcoin Exposure
Weiss, the founder and managing partner at Short Hills Capital Partners, disclosed that he has reduced his Bitcoin exposure by an additional 10%, following a 20% sell-off the previous week. Although the exact size of his position remains undisclosed, Weiss has referred to his Bitcoin investment as a “positive trade” in the past.
Weiss attributed his decision to the current uncertainties in the financial markets, possibly triggered by trade wars and tariffs imposed by the Trump administration. He noted that the cryptocurrency markets have become stagnant in this environment and are waiting for a trigger for their next move.
SEC’s Move Towards Crypto Regulation
Mark Uyeda, the acting chair of the U.S. Securities and Exchange Commission, has announced the agency’s plans to eliminate confusion around crypto regulations and collaborate with the industry to clarify rules. Uyeda’s SEC has established a dedicated Crypto Task Force and revamped the commission’s unit that tackles crypto-related crimes.
The SEC has also concluded lawsuits against Coinbase, OpenSea, and Robinhood, leading many to anticipate that the agency will soon drop its case against Binance as well.
In other cryptocurrency market news, Bitcoin’s price fell below $95,000, marking a nearly 2% decrease in 24 hours. The overall crypto market also lost value, dropping to approximately $3.2 trillion. Ryan Lee, the chief analyst at Bitget Research, has identified two key levels that could indicate a potential uptrend or further decline.
As of February 24, 2025, Bitcoin is being traded around $96,000, with a projected range of $92,000 to $105,000 for the week. The digital asset’s movement largely depends on whether it can surpass the $100,000 resistance or fall back to the $94,000 support level. Technical indicators are giving mixed signals, as short-term bullish momentum is conflicting with long-term market uncertainty.
