Bitcoin jumped the most in three weeks after Donald Trump’s defiant response to an assassination attempt spurred speculation that the pro-crypto former president’s chances of winning reelection have improved.

The largest digital asset rose as much as 4.9% on Monday to top $63,000. Trump said he was shot in the right ear after gunfire erupted at a rally in Pennsylvania on Saturday, an episode that sparked global condemnation of political violence and shook the US presidential campaign.

Betting markets responded by immediately boosting the odds of a victory by Trump, who has cast himself as crypto-friendly in a bid to court undecided voters. Bitcoin’s advance right after the shooting mirrored its brief rally in the aftermath of President Joe Biden’s disastrous debate performance against Trump in late June.

“The Republican party has been pro-crypto and the increased probability of a Trump presidency is a positive which is boosting crypto markets,” said Benjamin Celermajer, chief investment officer at Magnet Capital.

One key question in global markets now is whether the “Trump trade” will gain momentum, based on the argument that his return to the White House would usher in tax cuts, higher tariffs and looser regulations. The organizers of a Bitcoin conference due to be held in Nashville, Tennessee on July 27 said he’s still scheduled to address the event.

Bitcoin “gained momentum” after the attempted assassination bolstered Trump’s chances of reelection, Tony Sycamore, market analyst at IG Australia Pty, wrote in note. The token traded at $62,953 as of 8:20 a.m. in London.

Advocates of the original cryptocurrency argue it acts as a store of value and hedge against political upheaval, a contentious claim given its inherent volatility.

Trump in June met with Bitcoin miners and in a subsequent post on his Truth Social account said Bitcoin mining may be “our last line of defense against a CBDC,” referring to a central bank digital currency. He added that he wants all remaining Bitcoin to be “MADE IN THE USA!!!”

The crypto sector is trying to bolster candidates seen as favorable to digital assets, including through big donations to the Fairshake political action committee. The industry has emerged as an influential player in the 2024 election in part to push back against a regulatory clampdown spearheaded by the Securities and Exchange Commission.

Trump’s campaign accepts donations in digital assets and a person familiar with the matter earlier said Trump discussed crypto policy with billionaire Elon Musk.

Bitcoin hit a record high of almost $74,000 in March, fueled by demand for dedicated US exchange-traded funds. The token then slipped back amid moderating inflows, apparent sales of seized tokens and fears of disposals by creditors of the failed Mt. Gox exchange.