The S&P 500, and other major U.S. indices moved away from Friday’s record highs, as outgoing President Donald Trump is set for impeachment.

This comes as after last week’s riots in Capitol Hill, which many attribute to an earlier Trump rally, which called for a march on the Capital.

Speaking of her intentions, Nancy Pelosi stated that, “The horror of the ongoing assault on our democracy perpetrated by this president is intensified and so is the immediate need for action”.

Many now expect that democrats will look to pile on the pressure on Trump who will be leaving the office in 9 days.

As of writing the S&P 500 was down 0.6%.

Twitter, Facebook ban Trump, share price falls

Twitter’s share price fell to start the week as it was announced that the social media giant has moved to permanently ban President Trump.

This comes as Donald Trump might be set to become the first U.S. president to be impeached twice, this time for “incitement of insurrection”.

A tweet from twitter reads that, “After close review of recent Tweets from the @realDonaldTrump account and the context around them we have permanently suspended the account due to the risk of further incitement of violence”.

With just over a week to go before he leaves the White House; many believe the platform sees this as an opportunity to act.

However failing to lie down, Trump responded to the ban stating that Twitter had, “coordinated with the Democrats and the Radical Left in removing my account from their platform, to silence me — and YOU, the 75,000,000 great patriots who voted for me. Twitter may be a private company, but without the government’s gift of Section 230 they would not exist for long.”

Twitter shares were down over to 6.5%, with Facebook who took similar action, down 2.7% as of writing.

Bitcoin falls over 25%

Today many have asked if the Bitcoin bull market is finally about to end, as Bitcoin slid as much as 26% over Sunday and Monday in the biggest two-day slide since March. After dropping over 20% at one point during New York trading hours on Monday.

BTCUSD fell to an intraday low of $30,282 today, as history seemingly has repeated itself, with bears re-entering the action in similar fashion to shorts in January 2018.

The decline saw close to $200 billion wiped off in the Cryptocurrency market, but it should be noted that Bitcoin is still up around 90% over that past month.

Quote of the day – “Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected.”

George Soros

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Commentary and analysis by Eliman Dambell – edambell@tvmarkets.com