Bitcoin Surges Following Shocking Ruling in Trump Lawsuit
Bitcoin and the wider cryptocurrency market have experienced an upswing in response to recent developments involving former US President Donald Trump. The flagship digital currency, Bitcoin, surged above the $63,000 mark, with altcoins following suit as Trump received a significant boost from the dismissal of a case related to classified documents.
The cryptocurrency market also saw a notable increase following an assassination attempt on Trump on July 13. These latest gains have led to a reversal in the downward trend of Trump-related meme coins, which had experienced a decline over the past 24 hours before rallying strongly on Sunday. Coins such as MAGA, STRUMP, and TREMP are now showing positive movement and could potentially see further growth as the crypto community adopts a bullish stance leading up to the upcoming US election.
In a recent development, U.S. District Judge Aileen Cannon made a decision to dismiss Trump’s criminal case concerning classified documents, citing a violation of the US constitution due to the appointment of a special counsel. The accusations against Trump involved the improper retention of classified materials at the end of his term in 2021. This ruling comes after a previous rejection of Trump’s motion to dismiss the case earlier in March.
Furthermore, analysts have pointed out that recent events, including Trump surviving an assassination attempt and a Supreme Court ruling granting him immunity from prosecution related to his actions as president, have contributed to a positive sentiment in the cryptocurrency market. Trump’s motion to dismiss his conviction in a hush-money trial, following the Supreme Court’s decision, has further fueled optimism among market participants. Many believe that a potential Trump victory could bode well for the crypto sector.
Bitcoin spot ETFs have witnessed consecutive inflows during the recent surge attributed to Trump-related developments. Analysts at Coinbase have suggested that a Trump win could potentially drive Bitcoin and other cryptocurrencies higher in the fourth quarter of this year and even into 2025. This positive outlook has added to the overall bullish sentiment surrounding the cryptocurrency market in light of the recent political and legal events involving Donald Trump.