FTX Traders Say Democrats Have 23% of Winning the Senate in January

Key Takeaways

  • U.S. Senate elections have entered a crucial phase as Georgia run-off races for two Senate positions will decide the overall majority. 
  • FTX has issued a derivatives contract for betting on its outcome. 

Share this article

The crypto derivatives exchange FTX has issued a new contract to bet on the outcome of Georgia’s contentious Senate election. The results of the contest will decide which party runs the Senate this coming January. 

FTX Bets on Georgia Senate Elections 

The Democratic Senate 2020 (DEMSENATE) derivatives contract on FTX allows traders to bet on the U.S. Senate elections outcome. The contest concludes on Jan. 5, 2021. 

If the Democrats win in Georgia, President-elect Joe Biden’s party would take control of both the U.S. parliament houses. 

DEMSENATE will expire at $0 if Democrats lose or $1 they win. Currently, FTX traders are giving a 21.1% probability for a Democratic win. 

It is prohibited to trade DEMSENATE contracts in the U.S., Canada, Hong Kong, the EU, the UK, UAE, Singapore, and Cambodia.  

A Tight Race Ahead

FTX’s presidential election token contracts TRUMP, TRUMPWIN, and BIDEN, exhibited considerable volatility as counting began on Nov. 03. Nevertheless, with numbers and stats flowing in shortly after, FTX traders comprehensively called out a Biden majority

Georgia’s Senate elections, on the other hand, were led to a run-off race

Funds are flowing in for this final race in Georgia, for it will decide the American Senate’s fate. Hence, FTX traders can expect another tight race. 

Moreover, the winning party of this election will also have a considerable influence in drafting cryptocurrency regulations. 

Until now, the Republicans have won 50 seats, as Democrats acquired 48 seats. The magic number for a win is 51. In case of a tie, vice-President Kamala Harris, and the House, which was also won by the Democratic Party, will hold the final call. 

The Republicans need just one more win, while Democrats need to secure both available positions. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article