Bitcoin and the broader crypto market are up as traders react to the latest news involving former U.S. President Donald Trump. The flagship cryptocurrency jumped back above $63,000, with altcoins experiencing similar gains. This surge follows a major boost for Trump, who saw his classified documents case dismissed.

Cryptocurrencies also rose sharply after Trump narrowly survived an assassination attempt on July 13. The latest gains have led to a reversal in the decline of Trump-related meme coins over the past 24 hours, which had rallied sharply on Sunday. Coins like MAGA, STRUMP, and TREMP are now green and may see further increases as the crypto community turns bullish ahead of the US election.

Judge Dismisses Trump Case

On Monday, U.S. District Judge Aileen Cannon dismissed Trump’s criminal case related to classified documents. The judge ruled that the appointment of a special counsel violated the U.S. Constitution. Trump had been accused of illegally holding onto classified documents at the end of his term in 2021. This dismissal comes a few months after a federal judge rejected Trump’s motion to have the case thrown out in March.

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

Analysts Say Trump Win Bullish for Crypto

Just two days ago, Trump survived an assassination attempt. Additionally, the U.S. Supreme Court recently ruled that Trump has immunity from prosecution regarding acts he may have committed while president. Trump also filed a motion asking the Manhattan court to throw out his conviction in a hush-money trial, following the Supreme Court’s grant of immunity.

These events have significantly contributed to the bullish sentiment in the crypto market. Many believe a Trump win could be beneficial for crypto. Bitcoin spot ETFs have seen consecutive net inflows amid the Trump pump. Analysts at Coinbase recently indicated that a Trump win could push Bitcoin and crypto higher in Q4 and into 2025.

Stay updated with the latest cryptocurrency news and trends at Global Crypto News.

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