Bitcoin and the broader cryptocurrency market surged on Monday as traders digested a spate of favorable news relating to former U.S. President Donald Trump. Sitting at about $63,000, the flagship cryptocurrency recaptured that level once more after altcoins also rallied due to the heightened sentiment.
The uptick comes after a U.S. District Judge dismissed Trump’s classified documents case, ruling that the appointment of a special counsel was unconstitutional. Judge Aileen Cannon’s decision was a defining moment for nullifying the accusation hurled against Trump for allegedly retaining classified documents from his presidency.
Trump’s Legal Wins Sends Crypto Higher
But beyond this legal win, the crypto market reacted to the news that Trump had narrowly survived an assassination attack on July 13. The two occurrences are now combining to create a bullish atmosphere in the cryptocurrency space, especially for the Trump-themed meme coins like MAGA, STRUMP, and TREMP, all charting gains after a brief decline.
Some analysts postulate that if Trump wins this year’s election, crypto prices might go even higher. Only a few days ago, the U.S. Supreme Court ruled that Trump had full immunity from prosecution over acts done during his presidency. In correspondence with this, Trump has filed a motion to reverse a prior conviction over a hush-money trial.
Most Coinbase analysts believe that the political bounds can have an overall positive effect on current Bitcoin and cryptocurrency values and predict price increases to be substantial in Q4 2024–2025. With such optimism from the crypto community, the crypto market is on track to undergo even more developments as the election draws near.
