The price of Bitcoin extended gains Sunday following dramatic scenes the day prior of a failed assassination attempt against former President Donald Trump.

Bitcoin has climbed 5.5% above $62,450 in weekend trading, its highest point in two weeks, CoinGecko data shows.

The asset spiked Saturday following the shooting, sending Trump-inspired meme coins higher.

During a campaign rally, Trump was shot in the right ear by a 20-year-old shooter who was killed at the scene. One attendee was also killed, and two others were seriously injured.

Photos circulated online showed a defiant Trump fist-bumping the air immediately following the assassination attempt, with blood trickling from the side of his face.

The shooting and subsequent photos create a “Trump bid” to risk markets in general, Rich Rosenblum, co-founder of trading firm GSR, told Decrypt. 

“Political volatility is a catalyst for Bitcoin buying, and an assassination attempt on the leading Presidential candidate of the U.S. is an affront to democracy globally and reminds people of just how fragile the status quo is today,” Rosenblum said.

Trump has recently emerged as a strong advocate for the crypto industry, which contrasts sharply with his opponent, current President Joe Biden. 

Some crypto investors and bettors believe this could boost Trump’s campaign prospects. If Trump wins the election, crypto proponents anticipate more favorable regulatory conditions than a second term under Biden.

Support for Trump flooded social media following Saturday’s shooting, with many reaffirming or even announcing for the first time they would back the firebrand politician for the upcoming Presidential election in November.

Bill Ackman, the Billionaire hedge fund manager and former crypto critic turned proponent, said he would “formally endorse” Trump in a post to X on Saturday shortly following the incident in Pennsylvania.

On Saturday, traders on the blockchain betting site Polymarket increased their bets that Trump would retake the White House, bumping odds to an all-time high of 70%, up from 60% a day prior.

Bitcoin and crypto are “very sensitive” to Trump's retaking of the White House and the assassination attempt, Rosenblum said, explaining the asset’s rise over the weekend.

“Trump is particularly pro-crypto relative to the Biden administration, so a Trump win should benefit the industry from a regulatory and investment perspective,” he said.