Investor Steve Weiss Cuts Bitcoin Holdings Amid Market Uncertainty
American investor Steve Weiss has decreased his Bitcoin holdings further due to the asset’s stagnant price. On CNBC’s “Halftime Report,” Weiss explained he sold another 10% of his Bitcoin position thru BlackRock’s spot ETF.This move comes after last week’s 20% sell-off.
Weiss, the founder of Short Hills Capital Partners, sees Bitcoin as a risky asset. He believes the crypto market is in a consolidation phase, waiting for a catalyst. This uncertainty is partly due to trade wars and tariffs from the Trump administration.
Mark Uyeda, the acting chair of the U.S. Securities and Exchange Commission (SEC),aims to clarify crypto regulations. The SEC has set up a Crypto Task Force and revamped its crypto crime-fighting unit.It also ended legal battles with Coinbase, OpenSea, and Robinhood.
Bitcoin’s price fell below $95,000, down nearly 2% in 24 hours.the broader crypto market lost value, dropping to about $3.2 trillion. Ryan Lee,chief analyst at bitget Research,highlighted two key levels for Bitcoin’s next move: $100,000 resistance and $94,000 support.
As of February 24, 2025, Bitcoin trades around $96,000. Its price range for the week is projected between $92,000 and $105,000. Short-term bullish signs clash with long-term market uncertainty, making the future direction unclear.
