Great crypto news on regulation coming from Germany: MP Joana Cotar recently proposed a legal framework for the recognition of Bitcoin as legal tender.
See below for all the details.
Germany: the new proposals for Bitcoin on the regulatory plan
As anticipated, German MP Joana Cotar is currently spearheading an initiative with potential significant impacts in the cryptocurrency world, seeking to establish Bitcoin as a legal tender in Germany.
According to reports, Cotar, a member of the German Bundestag, has indicated her intention to initiate a “preliminary examination” aimed at building a legal framework that would recognize Bitcoin as an official currency in the country.
His main motivation is to ensure legal security for both businesses and citizens by addressing possible risks such as money laundering, tax evasion and other illicit activities associated with Bitcoin.
In the course of her advocacy, Cotar launched the “Bitcoin in the Bundestag” initiative, focusing on promoting the libertarian aspects of Bitcoin, such as privacy protection, security standards and the prevention of over-regulation.
Excluding other cryptocurrencies, the congresswoman announced plans to establish an official Bundestag commission dedicated to exploring the technological differences between Bitcoin and other digital assets.
Hence, Cotar, known for her criticism of the European Central Bank’s proposals on digital currencies, is thus contributing to the ongoing debate on digital currencies in Europe.
Consequently, her push for Bitcoin to gain recognition as a legal tender in Germany is part of a global debate on the role of cryptocurrencies in mainstream finance.
Finally, we emphasize that his specific interest in Bitcoin, neglecting other cryptocurrencies, reflects the perspective of many advocates who see Bitcoin as the most promising digital asset.
Historic record for Bitcoin options open interest: surpassed $16 billion
Over its 15-year existence, Bitcoin (BTC) options open interest has reached an unprecedented high, surpassing the $16 billion mark according to recent data from Glassnode.
Recall that open interest measures the number of option contracts that have been traded but have not yet closed or expired, and its increase suggests a highly liquid BTC futures market with a large number of participants.
We also note that the increase in open interest coincided with Bitcoin’s price recovery to $37,000 during the 15 November intraday trading session.
In fact, after a strong rise recorded in October, the cryptocurrency consolidated its position in a narrow range in early November, facing resistance at $37,000.
At the moment, BTC is trading at around $37.446, a level not seen since May 2022, according to CoinMarketCap data, and has seen a 5% increase in the past 24 hours.
Hence, the price of BTC, previously confined to a narrow range at the beginning of the month due to slowing accumulation and increased profit-taking, has changed significantly.
Many traders in the futures market opened short positions in anticipation of a price decline, but BTC maintained momentum above $36,000 by liquidating these short positions.
Moreover, as of 9 November, short liquidations amounted to $128 million, surpassing long liquidations.
Finally, the recent rally above $37,000 led to the liquidation of short positions worth $51 million, the second highest value in the past 15 days, according to Glassnode data.