Well-known investor Steve Weiss has again reduced his Bitcoin investments, citing market uncertainty and the need for new catalysts to move cryptocurrencies.
Weiss' Position Reduction
In an interview on CNBC, Steve Weiss revealed he cut his Bitcoin investment by another 10% using BlackRock's fund, following a previous 20% reduction last week. Although the exact size of his investment is unclear, he previously described it as a 'positive trade.'
Regulatory Changes in the US
SEC Chair Mark Uyeda stated the Commission is working to clear regulatory confusion surrounding cryptocurrencies by establishing a dedicated crypto task force. The agency has also dropped cases against Coinbase, OpenSea, and Robinhood, which may impact future cryptocurrency regulations in the US.
Cryptocurrency Market Outlook
As of press time, Bitcoin has dropped to $95,000, losing nearly 2% in 24 hours. Analyst Ryan Lee of Bitget Research noted that Bitcoin's future movement depends on breaking the $100,000 resistance or retracing to $94,000 support.
Investments in Bitcoin remain influenced by various factors, including macroeconomic uncertainty and regulatory changes. The market awaits new drivers for movement.
