Bitcoin climbs as judge delivers bombshell ruling in Trump case

Bitcoin and the broader crypto are up as traders react to the latest Donald Trump news.

The flagship cryptocurrency jumped back above $63,000 and altcoins mirrored similar gains as former US President Donald Trump received a major boost with 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 in the past 24 hours after rallying sharply on Sunday. MAGA, STRUMP and TREMP are green and may explode higher as the crypto community flips bullish ahead of the US election.

Judge dismisses Trump case

U.S. District Judge Aileen Cannon on Monday dismissed Trump’s criminal case related to classified documents, ruling that the appointment of a special counsel violated the U.S. constitution. Trump was accused of illegally holding onto classified documents at the end of his term 2021.

This comes a few months after the federal judge rejected Trump’s motion to have the case thrown out in March.

In a July 15 ruling, the judge said 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 and a few days ago, the U.S. Supreme Court ruled that Donald Trump has immunity from prosecution regarding acts he may have committed while president.

Trump filed a motion asking the Manhattan court to throw out his conviction in hush-money trial, with this coming after the Supreme Court granted him immunity.

These events have largely contributed to bullish sentiment in the crypto, with many positive on the likelihood of a Trump win being a win for crypto.

Bitcoin spot ETFs have seen consecutive net inflows amid the Trump pump and analysts at Coinbase recently said Trump winning could push Bitcoin and crypto higher in Q4 and in 2025.