Dollar rangebound ahead of US midterms; bitcoin reels from crypto heist

The U.S. dollar remained rangebound as markets looked ahead to the U.S. midterm elections, according to a MarketScreener report. A rangebound market generally describes trading contained within a relatively narrow band rather than moving decisively higher or lower.

Investors often monitor U.S. elections for their potential implications for fiscal policy, regulation and the balance of power in Congress. The midterm vote determines seats in the House of Representatives and Senate and can shape the political environment facing the administration.

Bitcoin, meanwhile, was reeling following a crypto heist, the report said. Bitcoin is the largest cryptocurrency by market prominence and is widely watched as an indicator of sentiment across digital-asset markets.

Crypto thefts can draw attention to security risks affecting exchanges, wallets, decentralized-finance services and other parts of the Web3 ecosystem. The report linked the heist to pressure on bitcoin, while the dollar’s trading remained focused on the approaching U.S. midterms.