Bitcoin
Bitcoin surges as judge delivers bombshell ruling in Trump case
Bitcoin and cryptocurrencies in general are on the rise as traders react to the latest news about Donald Trump.
The leading cryptocurrency jumped above $63,000 and altcoins mirrored similar gains as former US President Donald Trump received a major boost from the dismissal of his classified documents case.
Cryptocurrencies also rose sharply after Trump narrowly survived an assassination attempt on July 13.
The latest gains have seen Trump-related meme coins reverse the decline seen over the past 24 hours after a strong rally on Sunday. MAGA, STRUMP and TREMP are in the green and could explode higher as the crypto community is bullish ahead of the US election.
Judge dismisses Trump case
U.S. District Judge Aileen Cannon on Monday fired Trump’s criminal case was related to classified documents, ruling that the appointment of a special counsel violated the US Constitution. Trump was accused of illegally withholding classified documents at the end of his term in 2021.
This comes a few months after a federal judge rejected Trump’s motion to dismiss the case in March.
In a July 15 ruling, the judge said the appointment of Jack Smith as prosecutor in the Trump case violated the appointments clause of the U.S. Constitution.
Analysts say Trump victory is bullish for cryptocurrencies
Just two days ago, Trump survived an assassination attempt, and a few days ago, the U.S. Supreme Court ruled that Donald Trump has immunity from prosecution for acts he may have committed while president.
Trump has filed a motion asking a Manhattan court to overturn his bribery conviction after the Supreme Court granted him immunity.
These events have largely contributed to the bullish sentiment towards cryptocurrencies, with many optimistic about the likelihood of a Trump victory being a win for cryptocurrencies.
Bitcoin spot ETFs have seen consecutive net inflows amid Trump’s rally and Coinbase analysts recently said that a Trump victory could boosts Bitcoin and cryptocurrencies in Q4 and in 2025.