Bitcoin's price has surged past $30,000, marking a 10-week high, amidst growing optimism that the SEC could soon approve a Bitcoin ETF, a move Coinbase executives find promising.

Bitcoin forks also caused alternative token gains in the last 24 hours and rose faster than major tokens. As per CoinDesk, the tokens were brought about by the forking of Bitcoin, Bitcoin Cash (BCH), and Bitcoin SV (BSV) soared to as much as 26.

Possible Causes of Bitcoin Price Surge

The price of Bitcoin is still going up after reaching more than $30,000 this month. It was said that it is possible that speculated approval of spot Bitcoin exchange-traded fund (ETF) in the United States may have played a role in the price surge of BTC.

Crypto Potato reported that Ripple's recent lawsuit win against the Securities and Exchange Commission (SEC) is another factor that may have pushed Bitcoin's price to accelerate. It can be recalled that the commission said this week it is taking steps to dismiss the case it filed against Ripple's executives - Brad Garlinghouse and Chris Larsen.

Coinbase is Confident SEC Will Approve BTC ETF

Finally, CNBC reported that Paul Grewal, the chief legal officer at Coinbase, expressed great confidence that the US SEC will approve Spot Bitcoin ETF. He said that he is hopeful that the agency will allow these "because they should be granted under the law."

"I'm quite hopeful that these ETF applications will be granted, if only because they should be granted under the law," he told CNBC in an interview with Arjun Kharpal. "I think that the firms that have stepped forward with robust proposals for these products and services are among some of the biggest blue chips in financial services."

With the latest increase in Bitcoin prices, the Coinbase executive's suggestion is more likely to happen. It was suggested that the SEC is already warming up to approving the BTC ETF in the U.S.

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