$BTC Cryptocurrency markets took fleeting support from the Securities and Exchange Commission, which, under new leadership, said it will form a task force to help advise on crypto regulation. 

Markets were left wanting as Trump did not sign any executive orders related to crypto in his first few days in office, despite several industry participants hoping for such a move. 

The launch of $TRUMP, which logged wild price swings since its debut, also contributed to additional volatility in markets, while hype over artificial intelligence saw risk-heavy traders turn more biased towards equity markets. 

Bitcoin fell 2.9% to $102,600.2 by 00:54 ET (05:54 GMT). The world’s biggest cryptocurrency briefly hit a record high above $109,000 before Trump’s inauguration this week, but has since logged steep declines.