Balloons fall after former US president Donald Trump accepted his party's nomination at the Republican National Convention in Milwaukee
In photo: Balloons fall at the Republican National Convention in Milwaukee last month. AFP

KEY POINTS

  • Wednesday's data showed that GOP lawmakers' chances of taking the Senate stand at 72%
  • In the House, Polymarket traders pushed Democrats' odds to 63%
  • Two GOP candidates for senator this year have grabbed the attention of the crypto community

The November elections will not only decide who will be the next U.S. president, it will also determine which senators will face devastating losses and which new faces will take over.

On decentralized market prediction platform Polymarket, the red wave has blanketed the 2024 Election Forecast segment for the Senate as cryptocurrency traders pour their bets on Republicans.

GOP Candidates Take Staggering Lead

Data from Polymarket Wednesday showed that traders pushed the chances of Republicans to a significant 72%, compared to Democratic odds, which stand at 28%.

The states that traders believe will surely go to GOP lawmakers are North Dakota, Wyoming, Utah, Nebraska, Missouri, Indiana, West Virginia, Tennessee, and Mississippi.

While traders on the platform believe Republicans will sweep the Senate floor, they believe there is a 63% chance the House of Representatives will be controlled by Democrats, as per data from early Thursday.

Top Reactions to the Senatorial Red Sea

Users on X have reacted to the news, with some noting how "the balance of power will not change" if Republicans do take the Senate, and such a scenario will give Vice President Kamala Harris a hard time even if she wins the presidency. "Great if Kamala wins she won't pass anything," another user commented.

One user pointed out how it's "very critical" for Republicans to "regain control of the Senate." He added that if GOP presidential candidate Donald Trump wins, Republican Senate control will help block impeachment attempts "brought every day of his term."

Tolou Capital Management founder Spencer Hakimian said regardless of how the House and Senate flip, there will be a new president in the White House and things will change this year.

A Different Senatorial Atmosphere

The 2024 senatorial race is deemed different by many in the crypto space due to the fact that the digital assets space is becoming a key point of discussion among candidates.

For instance, in Ohio, where Republican Bernie Moreno is looking to unseat Democratic Sen. Sherrod Brown, crypto industry leaders already said that it is "the race to watch."

Moreno, who won the Ohio primaries in March, was previously endorsed by Trump. Just recently, a PAC affiliated with pro-crypto super PAC Fairshake, announced that it will dedicate $12 million in local airtime for Moreno, who has established himself as a Bitcoin advocate.

Over in Massachusetts, a largely Democratic state, crypto lawyer John Deaton is attempting to snatch the seat from Sen. Elizabeth Warren, who is widely criticized in the industry as an "anti-crypto" politician.

It remains to be seen how the tides will turn, and the tables will flip as Americans move closer to the November elections, but in the crypto community, there are large movements calling on crypto voters to choose pro-crypto candidates, and there are also calls to be mindful when considering candidates who position themselves as supportive of the industry.

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