Bitcoin is back. The original cryptocurrency smashed through the $70,000 barrier in early Wednesday trading, and as it often does, it brought a whole bunch of friends along for the ride. Crypto-related stocks jumped in premarket action, turning the page after a rough Tuesday.

The global crypto market cap climbed to $2.41 trillion, a healthy 4.64% gain over the past day. Bitcoin itself was changing hands at $70,906.31, according to CoinMarketCap data. That's a 4.85% pop in 24 hours and an 8.29% gain for the week. Not to be left out, Ethereum (ETH) traded at $2,051.11, up 3.67%.

Crypto Stocks Catch a Bid

When Bitcoin sneezes, crypto stocks catch a cold—or in this case, a nice boost. The premarket tape was lit up green for companies tied to the digital asset ecosystem. It was a broad-based move, from big names to smaller miners.

What's Driving the Move?

So, why the sudden burst of optimism? It looks like a classic risk-on move, or at least an attempt at one. The rally in crypto assets came as markets globally tried to find their footing after recent volatility tied to the Middle East conflict.

Oil prices, which had spiked, moderated a bit after former President Donald Trump said the U.S. Navy would escort tankers through the Strait of Hormuz and offer political risk insurance for shipments. It was a comment that seemed to take some of the immediate geopolitical heat off the market.

The broader tape was signaling a calmer day ahead, too. U.S. equity futures were modestly higher. The SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust ETF (QQQ) were both trading slightly above flat in the premarket, hinting at a potential rebound after Tuesday's selloff.

In short, Bitcoin breaking a key psychological level provided a specific catalyst, but it's playing out against a backdrop where investors are seemingly willing to dip a toe back into riskier waters. For now, at least, the crypto crowd is happy to surf that wave.