Trump is threatening to make Iran "live in hell" if the Strait of Hormuz is closed, while also saying that an agreement with Iran is close to being reached. The market initially priced in hopes of de-escalation, with risk appetite slightly recovering. Altcoins and high-beta assets will be more sensitive. For $OP , this isn't a direct catalyst, but as the overall market sentiment continues to improve, it usually outperforms mainstream coins more quickly.