Bitcoin prices surged above $63,000 as traders reacted to former President Donald Trump’s legal victories and assassination attempt survival. The cryptocurrency market mirrored these gains, with altcoins also experiencing significant upticks.
The flagship cryptocurrency experienced a sharp rise following the dismissal of Trump’s classified documents case. This legal victory was handed down by U.S. District Judge Aileen Cannon, who ruled the appointment of a special counsel unconstitutional.
Trump was accused of illegally retaining classified documents after his presidency ended in 2021. This ruling came after Judge Cannon had previously rejected a similar motion from Trump in March.
Trump-related meme coins like MAGA, STRUMP, and TREMP saw a reversal of their recent downtrend. The crypto community is collectively bullish as these coins show potential for further gains.
Judge Dismisses Trump Case
U.S. District Judge Aileen Cannon dismissed Trump’s criminal case related to classified documents, citing constitutional violations. This decision, made on July 15, focused on the appointment of prosecutor Jack Smith.
Judge Cannon’s ruling emphasized that Smith’s appointment did not adhere to the U.S. Constitution’s appointments clause.
Analysts Say Trump Win Bullish for Crypto
Recent events have bolstered positive sentiment in the crypto community towards Trump. Following an assassination attempt on July 13 and a Supreme Court ruling granting him immunity, the bullish trend has surged.
Analysts suggest a Trump victory could be beneficial for the crypto market. Bitcoin spot ETFs have seen consecutive net inflows amid this "Trump pump." Analysts from Coinbase predict that a Trump win could elevate Bitcoin and crypto prices in late 2024 and 2025.
The overall sentiment is one of optimism, with traders eyeing further market gains tied to Trump’s ongoing legal and political achievements.
