The collapse of the Clarity Act and a Federal Reserve interest-rate hike ought to have been a toxic combination for Bitcoin, but the world's largest cryptocurrency was showing its resilience on Friday.

The token has risen 5.7% to $80,884 over the past 24 hours, according to CoinDesk. It's still more than 30% off the record high it hit last October.

Crypto stocks were surging, too. Shares of Bitcoin investor Strategy rose 15% on Friday. Digital-asset exchange Coinbase advanced 12% and was the best-performing stock in the S&P 500 for the trading session. Online trading platform Robinhood gained 8.7%.

Bitcoin has rallied despite two potential setbacks this week.

The Clarity Act, a key crypto bill, fell in the Senate on Tuesday. The following day, the Fed raised rates for the first time in more than three years.

The crypto regulation stalling wasn't too much of a worry-investors had already accepted that the Clarity Act was unlikely to pass this year.

After the decision, the Securities and Exchange Commission and Commodity Futures Trading Commission said they would still write crypto rules, with or without legislation.

Similarly, the market was already pricing in a potential Fed tightening cycle. The good news for crypto bulls is that oil prices have retreated in recent days, which could weaken the case for future rate hikes.