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.

In December, Trump tapped Paul Atkins to lead the Securities and Exchange Commission. Atkins, a former SEC commissioner under President George W. Bush, has worked recently on digital assets and is set to replace Gary Gensler, who is seen by many as a crypto critic.