Bitcoin surged on Monday after an assassination attempt on Donald Trump, as traders speculated on the former president’s chances of winning the upcoming US presidential election in November.

Following the incident, where Trump was injured in the ear by a gunman at a campaign rally, the price of bitcoin rose over 10 percent to $63,595, marking its highest level in two weeks. Trump is perceived as a pro-crypto candidate, having hosted industry executives at Mar-a-Lago and shown support for US-based bitcoin mining.

Additionally, Trump’s campaign has accepted cryptocurrency payments, a first for a major US political party, fueling optimism for a potential shift away from the regulatory crackdown on the crypto industry seen in recent years.

Grzegorz Dróżdż, a market analyst at currency company Conotoxia, commented that the likelihood of a Trump victory has significantly increased, suggesting that a Trump presidency would positively impact the crypto market.

Live trading on political betting site Predict It showed a notable increase in the implied odds of Trump winning the election following the shooting.

Shares in Trump’s Truth Social media company saw a significant uptick, closing 31 percent higher following recent developments. Trump Media & Technology Group, which reported a $98 million operating loss for the first quarter ending March 31, went public through a merger with a blank-check company in March. The stock had recently rallied in anticipation of the debate between Trump and President Joe Biden.

Prison operators also saw gains, with Geo Group shares rising nearly 10 percent and CoreCivic adding 8 percent. Meanwhile, shares in US gun makers surged as well, with Sturm Ruger & Co gaining up to 12 percent and Smith & Wesson Brands rising as much as 14.3 percent.

According to Michael O’Rourke, chief market strategist at JonesTrading, the rally in prison stocks was fueled by expectations that a potential Trump presidency would lead to stricter border policies, benefiting these companies. However, O’Rourke was less convinced that the surge in gun stocks was solely tied to Trump-related speculation, noting that election cycles typically bring volatility without always translating into sustained market trends.

Despite the varied sectoral movements, the broader market as measured by the S&P 500 closed 0.3 percent higher on the day, coming close to a new record high.

O’Rourke highlighted that while the news of a presidential candidate surviving an assassination attempt naturally spurred positive sentiment, he cautioned against expecting a prolonged market rally solely on the basis of shifting election odds. He emphasized that any market reaction should be seen in context, noting that previous election cycles have shown similar patterns of market noise rather than sustained trends.

The shifting odds towards a potential second Trump presidency also had ripple effects across financial markets. US Treasury yields inched higher, reminiscent of reactions seen after past election events, particularly in response to Trump’s tax policies which were expected to impact deficits and inflation. Benchmark 10-year Treasury yields rose to 4.22 percent, reflecting slight declines in bond prices.

Meanwhile, the US dollar index, which tracks the dollar against other major currencies, remained stable after weakening in July amid speculation of a Federal Reserve interest rate cut in September.

On Monday, market movements resonated with a “Trumpian” theme, according to analysts at Rabobank, as they noted in a client memo. The analysts pointed out that there’s a prevailing narrative suggesting Trump’s policies are favorable for business, particularly highlighting his pro-crypto stance.

“The complexities of the US political landscape have been simplified in the markets’ view, with the assumption that recent events over the weekend will enhance Trump’s prospects of winning the November presidential election,” the analysts added.