On May 13, President Trump said, "Markets [are] going to go a lot higher" and the crypto markets have already started rallying.

Within the hour, prominent virtual currencies were rallying — all ignited by a general enthusiasm for investors in the wake of Saudi Arabia’s agreement to invest up to $600 billion in the United States.

One of those highlights included a $142 billion defense sales deal with approximately a dozen U.S. defense contractors, as per CNBC. The White House stressed that the larger goal was to form a partnership valued at $1 trillion in military, tech, economics, security and other areas.

The hour-long rally had an upside to movements for cryptocurrencies as word spread. Bitcoin saw a change of +0.5% currently trading at $104,165.89, as per Kraken. Ethereum was up by 0.7%, XRP saw a 0.7% uptick as well.

Other cryptocurrencies like Solana was up by 1.1%, BNB saw a change of +0.4%, Dogecoin was up by 2%, and TRON and Cardano were up by 0.5% and ).8% respectively.

Though President Trump’s comments were about traditional markets, the crypto space seemingly took the Saudi and United States deal as a bullish signal.