Bitcoin’s Wild Ride: Steve Weiss Takes a Snip with a Side of Sarcasm! 🚀💰

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In a universe not so far away, American investor Steve Weiss has decided to trim his Bitcoin holdings yet again, as if he were pruning a particularly unruly hedge. Why? Because the asset’s price is doing a rather impressive impression of a sloth on a lazy Sunday afternoon—stuck in a range-bound stupor.

During his cameo on CNBC’s “Halftime Report,” Weiss, who is apparently a wizard of finance, revealed that he has taken another round of profit from his Bitcoin (BTC) position via BlackRock’s spot exchange-traded fund. This comes as financial markets are navigating the choppy waters of macro-driven volatility, which is just a fancy way of saying, “Hold onto your hats, folks!” 🎩

Weiss, the founder and managing partner of Short Hills Capital Partners (which sounds like a place where they serve overpriced coffee), has decided to cut his Bitcoin exposure by an additional 10%. This follows last week’s dramatic 20% sell-off, which was about as welcome as a surprise visit from your in-laws. The exact size of his position remains a mystery, but he previously described his Bitcoin investment as a “positive trade.” Positive? More like a rollercoaster ride with a few unexpected drops!

He cited uncertainty in the financial markets, likely due to trade wars and tariffs that seem to have been conjured up by the Trump administration. In this chaotic environment, crypto markets have stalled like a car with a flat tire, desperately needing a catalyst to get moving again. He stated:

“Bitcoin is a risk asset. We saw that in the premarket when futures went up and now it’s down… It goes through these consolidation periods, and I think this could be one of those periods, until we get specific laws/regulations from the new head of the SEC.”

Meanwhile, Mark Uyeda, the acting chair of the U.S. Securities and Exchange Commission (or SEC, for those who enjoy acronyms), has declared the agency’s noble intention to clear up the crypto regulatory confusion. It’s like trying to find your way out of a maze while blindfolded, but hey, they’re trying! In the early days of the Trump era, Uyeda’s SEC has launched a dedicated Crypto Task Force and revamped the commission’s crypto crime-fighting unit. Superheroes, anyone?

In a plot twist worthy of a soap opera, the securities watchdog has also ended litigation against Coinbase, OpenSea, and Robinhood. Many are holding their breath, waiting for the SEC to officially drop its case against Binance as well. Will they? Won’t they? Stay tuned!

Elsewhere in the crypto cosmos, Bitcoin has plummeted under $95,000, down nearly 2% in the last 24 hours, as of press time. The broader crypto market has also shed value, falling to about $3.2 trillion—because why not? A note shared by Ryan Lee, chief analyst at Bitget Research, identified two key levels for a possible uptrend or more downside. It’s like a game of financial limbo!

“Bitcoin is trading around $96,000 as of February 24, 2025, with a projected range of $92,000 to $105,000 this week. Its movement largely depends on whether it can break past the $100,000 resistance or retrace to $94,000 support. Technical indicators present mixed signals, with short-term bullish momentum clashing with longer-term market uncertainty.”

— Ryan Lee, chief analyst at Bitget Research

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2025-02-25 00:12