Bitcoin continues to move higher, hitting two-week highs on Monday, as the bets for the November elections they are now giving victory to crypto-friendly Donald Trump.

The world’s largest cryptocurrency records up about 5% and is trading at $62,781.48., according to data from CoinGecko.

The rise in bitcoin follows the assassination attempt on the former US president at a campaign speech in Pennsylvania on Saturday, which left Donald Trump with an ear injury, having already returned to office.

“There is a similarity to the incident of the shooting of President Reagan in 1981”although it was not an election year at the time, he said in his note Ben Emmonsits chief investment officer FedWatch Advisors.

“After the incident, Reagan’s popularity soared, even in the midst of a double-dip recession. The S&P 500, however, fell 9% afterward due to the poor performance of the economy. But in the current strong economic climate, Trump’s popularity at all probability will skyrocket and affect the markets positively.“

Over the weekend investors said they were anticipating a boost in the so-called “Trump trades” (i.e., market movements that occur in response to the economic and political actions associated with the presidency of Donald Trump). In this context cryptocurrency shares such as Coinbase Global and mining company Riot Platforms in the pre-conference transactions they were strengthened by 4.5% and 5.25% respectively.

“The price of bitcoin gained about 9% over the weekend, a move that signals investors predict a Trump victory would create a more favorable regulatory environment for the cryptocurrency market” Zach Pandl, its chief analyst, told CNBC via email Grayscale Investments.

Trump has yet to lay out detailed proposals for regulating the cryptocurrency market, but the Republican nominee is widely seen as a supporter of the industry. He is even expected to speak at a major annual bitcoin conference later this month.

Trump’s election campaign began accepting cryptocurrency donations in May and the messages that the former president sends about this particular market are all Ms