Bitcoin surge squeezes the shorts; crypto heads to $40,000

Igor Kutyaev/iStock via Getty Images Sentiment on Bitcoin (BTC-USD) turned bullish over the weekend as the world's most popular cryptocurrency topped its 50-day moving average. The positive momentum sent Bitcoin up 12.5% to $39,850 on Monday, its highest level since mid-June and within sight of a $41,341 resistance. Other cryptos are also on the march higher, including Ethereum (ETH-USD), up 8.8% to $2,367, and Ripple (XRP-USD), ahead by 9.6% to $0.67. What happened? Optimism is still running high from the last week's "B Word" event, where Ark Invest's Cathie Wood and Square's Jack Dorsey touted the potential for Bitcoin and encouraged corporations to add the asset to their balance sheets. Tesla's Elon Musk also disclosed that SpaceX owns Bitcoin and that he wants the world's largest crypto to succeed. Meanwhile, environmental concerns over mining and Chinese regulatory worries appear to have worn off, while traders are exiting bets on declines at a record pace. "With a