Bitcoin (CRYPTO: BTC/USD) crossed $70,000 in early Wednesday trading, pulling crypto-related stocks higher in premarket hours amid the Middle East conflict.
The global crypto market capitalization stood at $2.41 trillion, up 4.64% over the past 24 hours.
Bitcoin changed hands at $70,906.31, up 4.85% over 24 hours and 8.29% over the past week, according to data from CoinMarketCap. Ethereum (CRYPTO: ETH/USD) traded at $2,051.11, up 3.67% in 24 hours.
Crypto Stocks Jump In Premarket Trading
| Company | Last Close | Close Change | Premarket on Wednesday | Premarket Change |
|---|---|---|---|---|
| Strategy Inc. (NASDAQ:MSTR) | $132.68 | −3.61% | $140.53 | +5.92% |
| Coinbase Global Inc.(NASDAQ:COIN) | $182.36 | −1.55% | $191.25 | +4.87% |
| MARA Holdings Inc. (NASDAQ:MARA) | $8.66 | −8.36% | $9.13 | +5.43% |
| Riot Platforms Inc. (NASDAQ:RIOT) | $15.29 | −6.94% | $15.77 | +3.14% |
| Circle Internet Group Inc. (NYSE:CRCL) | $99.63 | +3.63% | $102.89 | +3.27% |
| IREN Ltd. (NASDAQ:IREN) | $38.85 | −6.14% | $40.07 | +3.14% |
| Hut 8 Corp. (NASDAQ:HUT) | $47.60 | −9.71% | $49.31 | +3.59% |
| CleanSpark Inc. (NASDAQ:CLSK) | $9.89 | −6.26% | $10.27 | +3.84% |
| BitMine Immersion Technologies Inc. (AMEX:BMNR) | $19.57 | −4.07% | $20.48 | +4.65% |
| HIVE Digital Technologies Ltd. (NASDAQ:HIVE) | $2.10 | −4.55% | $2.19 | +4.29% |
| Galaxy Digital Inc. (NASDAQ:GLXY) | $20.68 | −4.83% | $21.49 | +3.92% |
| Cipher Digital Inc. (NASDAQ:CIFR) | $14.71 | −6.66% | $15.06 | +2.38% |
Market Context
The rally in crypto-linked stocks came as risk assets attempted to stabilize following global volatility tied to the Middle East conflict.
Oil prices remained elevated after a recent surge, though gains moderated after President Donald Trump said the U.S. Navy would escort tankers through the Strait of Hormuz and provide political risk insurance for shipments through the waterway.
U.S. equity futures were modestly higher early Wednesday. The SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ Trust ETF (NASDAQ:QQQ) were both trading slightly above flat in premarket action, signaling a rebound after Tuesday’s selloff.
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