Bitcoin gained over 2% on Jan. 21, reaching $106,201.70, as reported by Coin Metrics.

The broader cryptocurrency market also showed minor recovery, with the CoinDesk 20 index increasing by 1.6%.

This rise coincides with a resurgence of investor optimism following President Donald Trump’s inauguration.

Additionally, the US Securities and Exchange Commission launched a new “crypto task force” on Jan. 21 to create a clear regulatory framework for cryptocurrency assets.

In another development, the “Official Trump” token, launched last week, narrowed its losses to 2.5% in the past 24 hours after recovering from a 20% drop, according to CoinGecko.