Bitcoin Surges After Trump Case Dismissal

Bitcoin and the broader cryptocurrency market experienced a significant rise following recent developments in former US President Donald Trump’s legal battles.

Bitcoin surged past $63,000, and altcoins also saw gains as traders reacted to the news. The dismissal of Trump’s classified documents case provided a major boost.

The market was further influenced by Trump narrowly surviving an assassination attempt on July 13.

This series of events has positively impacted investor sentiment.

Meme coins related to Trump, such as MAGA, STRUMP, and TREMP, reversed their decline and saw gains, reflecting the renewed optimism in the crypto community ahead of the US election.

On Monday, U.S. District Judge Aileen Cannon dismissed Trump’s criminal case regarding classified documents, ruling that the appointment of a special counsel violated the U.S. Constitution.

Trump had been accused of retaining classified documents at the end of his term in 2021.

This dismissal follows a previous rejection of Trump’s motion to dismiss the case in March, which cited a constitutional violation in the appointment of prosecutor Jack Smith.

Analysts view this legal win for Trump as bullish for the crypto market.

Additionally, the U.S. Supreme Court recently ruled that Trump has immunity from prosecution for actions during his presidency.

Trump has also moved 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, with many believing a Trump victory would benefit cryptocurrencies.

Bitcoin spot ETFs have seen consecutive net inflows amid this "Trump pump." Analysts at Coinbase suggest that a Trump win could push Bitcoin and other cryptocurrencies higher in the fourth quarter and into 2025.

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