LIVE: Jim Cramer on Social Media Stocks, Bitcoin, Nio, Stock Market Monday

Let’s look at what happened over the weekend before we investigate what is driving the markets.

Twitter (TWTR) – Get report followed in the footsteps of Facebook (FB) – Get report, Instagram, Snapchat (SNAP) – Get reportand others, suspending President Donald Trump’s account permanently over the weekend.

Twitter announced its decision on Friday, citing concerns that the president’s accounts could be used to incite more violence after a rally in Washington DC, where Trump continued to raise participants’ concerns about unproven electoral fraud. After the demonstration, a mob invaded the Capitol, leading to the deaths of at least five people, including a Capitol police officer.

Live at 10:30 am ET, Jim Cramer and Katherine Ross talk about social media stocks, bitcoin, President Trump and everything that moves the stock market Jan. 11:

“After a detailed analysis 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 to violence,” Twitter said in a statement.

The move, however, put pressure on social media stocks, as investors sell after the decision.

The Capitol rebellion led to calls by Democrats and Republicans for Vice President Mike Pence to invoke the 25th Amendment, where the Cabinet and VP could remove President Trump from office.

If the amendment is not invoked, House Speaker Nancy Pelosi threatened to accuse the president for the second time in her single term. On Sunday, Pelosi told House Democrats that an impeachment vote could take place this week, with just nine days left before President-elect Biden takes office.

And then there’s Bitcoin.

The two-day drop in Bitcoin, which saw the cryptocurrency lose about $ 10,000 at its lowest, is the worst drop since March.

Bitcoin on Friday hit $ 42,000 – a record high.

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