Bitcoin and the broader cryptocurrency market saw a significant rise following the latest developments in former US President Donald Trump’s legal battles. The flagship cryptocurrency surged past $63,000. Altcoins mirrored similar gains as traders reacted to the news. The dismissal of Trump’s classified documents case provided a major boost.
Cryptocurrencies also saw sharp gains after Trump narrowly survived an assassination attempt on July 13. This series of events has influenced market trends and investor sentiment.
The latest gains have seen Trump-related meme coins reverse their decline. Coins like MAGA, STRUMP, and TREMP are in the green and may see further increases as the crypto community becomes more optimistic ahead of the US election.
On Monday, U.S. District Judge Aileen Cannon dismissed Trump’s criminal case related to classified documents. She ruled that the appointment of a special counsel violated the U.S. Constitution. Trump was accused of holding onto classified documents at the end of his term in 2021. This ruling comes months after a federal judge rejected Trump’s motion to dismiss the case in March. The judge stated that the appointment of Jack Smith as prosecutor violated the U.S. Constitution’s appointments clause.
Analysts suggest that this legal win for Trump is bullish for the crypto market. Just two days prior, Trump survived an assassination attempt. Additionally, the U.S. Supreme Court recently ruled that Trump has immunity from prosecution for actions during his presidency. Trump has also filed a motion asking the Manhattan court to dismiss his conviction in a hush-money trial, following the Supreme Court’s decision.
These events have contributed to a positive sentiment in the crypto market. Many believe a Trump win would benefit cryptocurrencies. Bitcoin spot ETFs have seen consecutive net inflows amid this “Trump pump.” Analysts at Coinbase recently suggested that a Trump victory could push Bitcoin and other cryptocurrencies higher in the fourth quarter and into 2025.
