Investing.com– The price of bitcoin rose slightly on Monday, but remained largely range-bound despite optimism about possible interest rate cuts by major central banks this week and weakness in the dollar.
rose 1.3% in the last 24 hours to $68,709.5 at 01:39 ET (05:39 GMT). But the world's largest cryptocurrency remained within the trading range of between $60,000 and $70,000 established since mid-March.
Bukele's Reelection Brings Little Price Action Amid Few References to Bitcoin
Bitcoin saw little price action even as El Salvador President Nayib Bukele, who had adopted the cryptocurrency as legal tender in 2021, was re-elected to a second term over the weekend.
Bukele was considered a major figure in the crypto space for his legalization of the token, and had also regularly used the country's treasury to purchase the token on the open market.
But Bukele made little mention of Bitcoin during his swearing-in. The president of El Salvador also appeared to have removed all mentions of Bitcoin and cryptocurrencies from his social media profile on X (formerly Twitter).
Bukele promised medicines to fix Salvador's ailing economy during his inauguration, after government debt levels skyrocketed during his first term. The country's adoption of Bitcoin had done little to stimulate the economy.
Bukele's much-publicized plans for a “Bitcoin City” had also largely failed, garnering little interest from private investors. El Salvador had returned to traditional debt markets earlier this year with a $1 billion bond sale.
Still, the value of Bitcoin holdings in El Salvador increased substantially, after the token experienced a stellar rally during 2023 and early 2024.
Crypto Price Today: Unenthused Despite Rate Cut Expectations
Broader cryptocurrency prices moved little on Monday, receiving little support from a broader rally in risk-driven markets amid increased focus on interest rate cuts.
The world's No. 2 token rose 0.3% to $3,817.63, while it fell 0.8% and 0.1%, respectively.
Among meme coins, they lost 1.6%, while they rose 0.5%.
Stock markets rose on Monday in anticipation of interest rate cuts later this week.
by the Federal Reserve, in September, also rose after Friday's data showed some cooling in inflation. The central bank is widely expected to keep rates steady at .
