Midterm Elections

Bitcoin recovered toward $82,500 after President Donald Trump said the U.S. would not attack Iran before the Nov. 3 midterm elections. The rebound has not fully repaired a difficult week for major crypto assets, with BTC still lower and ether under heavier pressure.

Kevin O’Leary expects Congress to return to crypto market structure legislation after the midterm elections as a separate digital asset tax bill advances. He argues that once lawmakers move to tax activities such as staking, pressure will build for clearer rules governing the sector.

Gold has tended to weaken before midterm elections when policy was tightening, with post-vote rebounds proving durable only when the Federal Reserve was near the end of its cycle. FXCOINZ market coverage finds the current setup looks closer to 2014 than to 2018 or 2022, keeping attention on the dollar and the next Fed decision.

The S&P 500 is approaching a pivotal technical test as seasonal weakness lines up with a possible Elliott Wave decline. A break below 7,638 could shift attention toward the 7,100–7,200 area, while a hold may keep the bullish case alive.