Bitcoin climbs as judge delivers bombshell ruling in Trump case

Bitcoin and cryptocurrencies are on the rise as investors react to the latest news about Donald Trump.

The flagship cryptocurrency surged above $63,000 and altcoins also mirrored similar gains after receiving a major boost from the dismissal of former US President Donald Trump’s classified documents case.

Cryptocurrencies also experienced a sharp rise after Trump narrowly escaped an assassination attempt on July 13.

The latest gains have seen Trump-related meme coins reverse the decline seen in the past 24 hours after rallying sharply on Sunday. MAGA, STRUMP and TREMP are in the green and could rise further as the crypto community looks to rally ahead of the US elections.

Judge dismisses Trump lawsuit

U.S. District Judge Aileen Cannon on Monday dismissed Trump’s criminal case over classified documents, ruling that the appointment of a special counsel violated the U.S. Constitution. Trump had been accused of illegally withholding classified documents at the end of his 2021 term.

The development comes just months after a federal judge rejected Trump’s request to dismiss the case in March.

In his July 15 ruling, the judge said Jack Smith’s appointment as prosecutor in the Trump case violated the appointments clause of the U.S. Constitution.

Analysts Say Trump Is Bullish on Cryptocurrencies

Just two days ago, Trump survived an assassination attempt, and a few days ago, the US Supreme Court ruled that Donald Trump was immune from prosecution for actions he may have committed during his presidency.

Trump filed a motion with a Manhattan court seeking to overturn his conviction in the hush money case after the Supreme Court granted him immunity.

These events have greatly contributed to the bullish trend in cryptocurrencies, and many are bullish on the possibility of a Trump win being a win for cryptocurrencies.

Bitcoin spot ETFs have seen consecutive net inflows following Trump’s surge, and Coinbase analysts recently said a Trump win could send Bitcoin and the cryptocurrency even higher in Q4 and into 2025.