Investing.com– Bitcoin’s price rose slightly on Monday but remained largely volatile despite optimism about potential interest rate cuts by major central banks this week and a weakening dollar.

rose 1.3% in the past 24 hours to $68,709.50 by 01:39 ET (05:39 GMT). However, the world’s largest cryptocurrency remained within the $60,000 to $70,000 trading range set since mid-March.

Bukele’s re-election produces little price action amid several Bitcoin references

Bitcoin saw no price action even as El Salvador’s President Nayib Bukele – who adopted the cryptocurrency as legal tender in 2021 – was re-elected to a second term over the weekend.

Bukele was considered a major figurehead in the crypto space regarding the token’s legalization and also regularly used the state treasury to purchase the token on the open market.

However, 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 at his inauguration that medicines would fix El Salvador’s ailing economy after public debt levels skyrocketed during his first term. The adoption of Bitcoin in this country has done little to stimulate the economy.

Bukele’s highly publicized plans for a “Bitcoin City” also largely collapsed because they received little interest from private investors. El Salvador returned to conventional debt markets earlier this year, selling $1 billion in bonds.

Still, the value of El Salvador’s Bitcoin holdings has increased significantly after the token saw stellar growth in 2023 and early 2024.

Today’s cryptocurrency price: not very impressed despite expectations of interest rate cuts

Broader cryptocurrency prices were little changed on Monday, receiving little support from a broader rally in risk-based markets amid increased pressure on interest rate cuts.

The world’s No. 2 token rose 0.3% to $3,817.63, while and fell 0.8% and 0.1%, respectively.

Among meme coins, they lost 1.6% and increased by 0.5%.

Stock markets rose on Monday on expectations of interest rate cuts through the end of this week and 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 interest rates at .