Crypto Traders That Bet On Trump Lost $11 Million As Biden Wins

Crypto traders that bet on Trump have lost about $11 million as democratic nominee Joe Biden won the presidential election so let’s read more about it in the latest crypto news.

As the thigh race concluded, the futures contracts for Biden reached $0.993 and they expire at $1. Democratic nominee Joe Biden won the US presidential election as it seems for now, but there are still re-calculations and court decisions that have to be made. Thus the future on FTX that bet on the US election is coming to conclusion. The contract for BIDEN which expires at $1, is now worth $0.993 moments after the election. There’s $466,910 in open interest on the bet. Trump’s contract dropped down from $0.04 to $0.007 so in other words, all crypto traders that bet on Trump lost about $11.3 million on the TRUMP contracts.

We are going to be the first Democrats to win Arizona in 24 years.

We are going to be the first Democrats to win Georgia in 28 years.

And we re-built the Blue Wall in the middle of the country that crumbled just four years ago.

— Joe Biden (@JoeBiden) November 7, 2020

The contracts will expire however when Biden is inaugurated in January unless the elections turn a wild turn. Trump contests Biden’s victory has long made baseless claims about the electoral fraud and argued that mail-in ballots are fraudulent so that Biden stole the election as Trump said in a statement:

 “We all know why Joe Biden is rushing to falsely pose as the winner, and why his media allies are trying so hard to help him: they don’t want the truth to be exposed. The simple fact is this election is far from ove. In Pennsylvania, for example, our legal observers were not permitted meaningful access to watch the counting process.  Legal votes decide who is president, not the news media.”

Trump continued:

“Beginning Monday, our campaign will start prosecuting our case in court to ensure election laws are fully upheld and the rightful winner is seated. This is the only way to ensure the public has full confidence in our election.”

The courts are not sympathetic to his unsubstantiated claims of election frauds as two court cases have been rejected already. FTX launched a TRUMPFEB contract which expires if Trump remains president. This is nearly worthless as well as it fell from $0.14 before the announcement to $0.078 after the announcement that Biden won the election. Crypto traders managed to call the presidency correctly as they haven’t wavered on the handover.