TLDR
- Bitcoin holds steady at $68,000 with $15B market inflow indicating potential whale activity
- Ripple CEO Brad Garlinghouse’s 25-year bank account closed due to crypto involvement
- Elon Musk proposes $2T budget cuts at Trump rally, suggesting potential crypto-friendly policies
- Cardano founder announces Bitcoin Education Project relaunch for 2025
- Bitcoin Policy Institute report suggests central banks consider Bitcoin as reserve asset
Bitcoin price remains steady around the $68,000 mark as market data shows a substantial $15 billion inflow, suggesting increased buying activity from large investors, commonly known as whales.
The cryptocurrency continues to demonstrate resilience at this price point, with technical indicators showing strong support levels.
Market watchers noted the surge in trading volume, with the immediate resistance level sitting at $68,719. Technical analysis reveals a symmetrical triangle breakout above $68,200, supported by a bullish engulfing candle pattern that typically signals upward momentum.
The cryptocurrency industry faced a notable setback as Ripple CEO Brad Garlinghouse revealed the closure of his 25-year-old bank account.
The incident highlights the ongoing challenges crypto executives face in maintaining traditional banking relationships.
Garlinghouse was given just five days to withdraw his funds, demonstrating the abrupt nature of these banking decisions.
In what could be seen as a counter to such banking challenges, Charles Hoskinson, the founder of Cardano, announced plans to relaunch the Bitcoin Education Project in 2025.
The initiative aims to enhance Bitcoin’s developer community by introducing Aiken, a modern programming language, and updated educational materials focused on hybrid Cardano-Bitcoin applications.
The project includes integration with the BitcoinOS Grail Bridge, utilizing zero-knowledge cryptography for secure BTC transfers.
This development could expand Bitcoin’s utility beyond its traditional role as a store of value, potentially attracting new users and developers to the ecosystem.
On the political front, Elon Musk’s appearance at a Trump rally brought attention to his proposal for $2 trillion in federal budget cuts.
Musk outlined plans for a “Department of Government Efficiency” focused on reducing federal spending and lowering taxes, which some market observers suggest could create a more favorable environment for alternative investments like cryptocurrencies.
Elon Musk said he thinks he can cut at least $2 trillion from the federal budget while at Donald Trump's rally in Madison Square Garden https://t.co/Ucy9fYDGEG
— Bloomberg Crypto (@crypto) October 28, 2024
The Bitcoin Policy Institute released a report suggesting central banks consider Bitcoin as a reserve asset to protect against economic instability.
The report points to Bitcoin’s decentralized structure and low correlation with traditional assets as key benefits for national reserves.
Trading data shows Bitcoin’s relative strength index (RSI) at 70.30, entering overbought territory. This technical indicator suggests the possibility of short-term price corrections, though the 50-day exponential moving average at $67,441 provides a strong support level for continued bullish sentiment.

The U.S. regulatory landscape remains a key focus for market participants. The proposed Bitcoin Strategic Reserve Bill, which would require the Treasury to hold up to 5% of the total Bitcoin supply, represents a potential shift in government attitude toward cryptocurrency holdings.
Market support levels are currently established at $67,458, with additional support at $66,999 and $66,340. These levels provide important price points for traders and investors monitoring market movements.
Recent price action shows Bitcoin testing resistance at $69,207, with the next major target at the psychologically important $70,000 level. Trading volumes remain robust, indicating sustained market interest at current price levels.
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