The flagship cryptocurrency has surged back above $63,000, and altcoins have experienced similar gains. This increase follows a boost for former US President Donald Trump, as his dismissed classified documents case has had a positive impact on the market.
The recent gains have resulted in a reversal of the decline seen in Trump-related meme coins over the past 24 hours. Coins such as MAGA, STRUMP, and TREMP have turned green and are showing potential for further growth.
This surge is occurring as the crypto community becomes increasingly bullish ahead of the US election. The case against Trump involved accusations of illegally holding on to classified documents at the end of his term in 2021.
A federal judge’s rejection of Trump’s motion to have the case thrown out in March was followed by a July 15 ruling, which found that the appointment of Jack Smith as prosecutor in the case violated the U.S. Constitution’s appointments clause. In response, Trump filed a motion asking the Manhattan court to throw out his conviction in a hush-money trial.
These legal developments, combined with the Supreme Court granting him immunity, have contributed to a positive sentiment in the crypto market. Many are now optimistic about the potential for a Trump win in the future, seeing it as a positive outcome for the crypto industry.
