This article uses ETH=ETH.BTC.CB=Illustration of the cryptocurrency bitcoin, with a price graph in the background. NurPhoto via Getty ImagesAs sentiment changed after a recent selloff, Bitcoin saw a surge to $39,000 on Sunday evening. At 11:05 PM, the cryptocurrency was trading at $38,059.84. According to CoinDesk data ET was up almost 11% over the 24-hours preceding. Bitcoin previously reached a 24-hour high at $39,544.29 (the highest since June 16). Other cryptocurrencies were able to rise 5.9% above $2.299.55 due to Bitcoin's rally. As of 11:05 PM ET, the entire cryptocurrency market had grown to $114 billion. According to Coinmarketcap.com data, ET. After bitcoin fell below $30,000 in the wake of a stock market sell-off, fears arose that it might plunge further.Vijay Ayyar (head of business development at cryptocurrency exchange Luno) stated that "I believe we saw an accumulation period about 29-30K." This indicates bullishness as well as a potential move towards 40K for Bitcoin.Musk, Dorsey and Wood are in focusTwitter CEO Jack Dorsey and Tesla CEO Elon Musk spoke at a bitcoin conference called "The B Word." Musk stated that Tesla will likely accept bitcoin again for vehicle purchases as more bitcoin mining moves to renewable energy. Tesla stopped vehicle purchases made with the cryptocurrency in May due to concern about the "rapidly growing use of fossil fuels as bitcoin mining" The energy-intensive process used to create new coins is called bitcoin mining. It involves solving complicated math problems. It also requires a lot of energy because it takes a lot computational power. Alex Brammer, Luxor Mining's cryptocurrency pool, stated that the Chinese trading day had opened up and that Elon/Jack/Cathie talk has been super bullish.Other bullish headlines have also been made about bitcoin. Amazon, the e-commerce giant, is seeking to hire a blockchain and digital currency expert to its payments team. This suggests that it may be looking at other cryptocurrencies and bitcoin. Amazon spokesmen said they are inspired by the innovations in cryptocurrency and are looking into what that could look like on Amazon. According to Brandon Arvanaghi, a bitcoin mining engineer, these bullish moves have also contributed towards a "short squeeze." Short-selling bitcoin is betting on a further fall in the price. If the price rises, investors who short bitcoin look to reduce losses and exit their short positions. This helps push the price higher. Luno's Ayyar stated that the magnitude of the rise was likely due to over-leverage shorts. Some of the problems that had weighed down bitcoin's value have started to resolve. China has intensified its efforts to crack down on cryptocurrency trading and mining in the last few months. Concerns about the carbon footprint of bitcoin mining have begun to recede. Brammer from Luxor Mining said that the uncertainty surrounding the environmental impact of mining as well as the Chinese regulatory concerns are "worn out."
