Crypto markets rose 2.5% after US President Donald Trump threatened to "live in Hell" if Iran did not reopen the Strait of Hormuz. However, he acknowledged that Iran is currently negotiating with the US and expressed optimism about a potential deal. Total market capitalization has risen by 2.05% to an 11-day high of $2.44 trillion following the news. This small increase led to total liquidations of around $255 million over 24 hours, with 73% of these being short positions. The ongoing war in the Middle East and the closure of the strait have pushed crude oil prices back up to about $112 per barrel.