$BTC Bitcoin rose on Wednesday, extending an overnight rebound after the Securities and Exchange Commission, under President Donald Trump, said it was preparing a new regulatory framework for crypto. 

The news boosted confidence that Trump will deliver on his promises of crypto-friendly regulation, sparking gains across the sector. The President’s recently-launched memecoin, $TRUMP, also rose, although it traded well below its post-launch highs.

Crypto markets had initially fallen after Trump’s inauguration, as the 47th President made no mention of crypto in a flurry of executive orders issued on his first day in office.

Bitcoin rose 4.3% to $105,683.7 by 01:01 ET (06:01 GMT). The world’s biggest cryptocurrency hit a record high of over $109,000 just before Trump’s inauguration, but failed