Bitcoin, the world's largest cryptocurrency, approached the previous session's record high on Tuesday in choppy trading as the top U.S. markets regulator unveiled a plan to overhaul rules for the sector.

The price of bitcoin has surged to over $109,000 just hours ahead of President-elect Donald Trump's inauguration, as a pumped up cryptocurrency industry expects early action by him soon after he takes office.

It’s still early days, but the kickoff of President Donald Trump’s second term appears to have left some crypto investors disappointed so far.

Bulls hope the new initiative is a sign the president remains committed to the sector, after his first day in office left them feeling underwhelmed.