Bitcoin was up 6 percent, trading above $11,500, the highest it has been in February.
Thus, bitcoin has managed to recover from its two-month low of $6,000 recorded earlier this month and is now trading at $11,186, according to CoinMarketCap.
Jung oversaw moves to introduce new laws that were meant to eradicate cryptocurrency speculation and other illicit activity. The country was thinking of banning all digital currencies and domestic exchanges, something that could have had a huge impact on the prices of Bitcoin and other major altcoins. Ethereum and ripple - the number 2 and 3 cryptocurrencies respectively - also rose, trading 1-2 percent higher. The last time it broke the $500 billion mark was in mid-December.
However, those who have been investing in cryptocurrency for any period of time know that the Bitcoin price and value is incredibly volatile, and has seen massive spikes and drops over the course of its short life.
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Seoul previously said it was considering shutting down local cryptocurrency exchanges, which threw the market into turmoil and hammered Bitcoin prices.
Data-Orex is one of the leading exchanges for the digital currency, which allows users to buy and sell different types of digital currencies easily.
Ki-joon took on the job of coordinating South Korea's cryptocurrency regulation previous year and had been under heavy stress according to friends.
Besides, analysts predict that bitcoin will continue its upward momentum.
According to a new report by S&P Global Ratings, institutional investors should not fear a collapse of the cryptocurrency market, as it is unlikely to disrupt financial markets.
The volatility of cryptocurrency, combined with a widespread lack of understanding of the market, has led many financial experts to warn people to steer clear. "But many have bought this dip and have added since the rebound and additional regulatory clarity in the U.S. and Asia".