Bitcoin broke above $80,000 on Friday, lifting shares of crypto-linked stocks.

The largest cryptocurrency recently traded at $80,587 Friday morning, up more than 5% from its 4 p.m. ET level on Thursday.

The move higher came despite the failure of a major crypto legislation and the Federal Reserve's first interest-rate hike in three years earlier in the week.

Analysts say relief in the markets stems partly from the news that the Securities and Exchange Commission granted exemptions on Thursday to allow venues to trade digital token versions of stocks. The Commodity Futures Trading Commission has also taken steps to establish rules for crypto transactions and markets.

Investor demand may have also boosted the price: a group of bitcoin exchange-traded funds offered by firms including BlackRock registered about $160 million of inflows on Thursday, snapping a two-day streak of net outflows, according to JPMorgan data.