Other firms expanding into the crypto space, such as Robinhood, have also benefited from recent SEC relief, which this month resulted in an end to an investigation into its crypto business. As of this writing, Robinhood's stock price has risen to $48.86.

Analysts are predicting how deep the bitcoin price correction could go and if it will escalate into a full blown market

Cryptocurrency-linked stocks are paring some of their losses but still broadly declining in Friday intraday trade, with bitcoin trading around $81,000—more than a quarter off its January peak.