Bitcoin News, Tesla Stock Falls

All three major U.S. stock market indices fell on Monday, as several political issues took center stage. The fallout from the siege on the Capitol last week continues, with the U.S. House of Representatives pursuing a dual-pronged effort to oust President Donald Trump.

On Tuesday, the House will vote to call on Vice President Mike Pence to oust Trump through the 25th Amendment; if that fails (which is likely), the House will move ahead with impeachment proceedings.

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Tensions with China are also on the rise. A November executive order aimed at taking U.S. funds away from the Chinese military took effect Monday, banning Americans from trading in 35 different Chinese companies, including China Mobile (ticker: CHL), China Telecom ( CHA) and CNOOC ( CEO), among others.

The Dow Jones Industrial Average lost 89 points, or 0.3%, to finish at 31,008.

Tesla stock ends 11-day winning streak. Shares of red-hot electric vehicle maker Tesla ( TSLA) shed 7.8% on Monday, breaking an epic winning streak that had seen shares advance for 11 straight trading sessions.

Competitor Nio ( NIO) could be one culprit behind the day’s decline, as Nio shares rose 6.4% on Monday following a well-received investor day presentation and the unveiling of Tesla Model 3 competitor the ET7, an all-electric sedan.

Another potential factor? Legendary investor Michael Burry, who was made famous by the book “The Big Short” and feature film of the same name, says he is shorting Tesla shares and even adding to his short position.

Bitcoin plunges. After trading above $41,000 as recently as Sunday, leading cryptocurrency Bitcoin sold off sharply on Monday, crossing below $31,000 less than 36 hours later.

Although Bitcoin’s value and long-term utility remain a topic of debate in the financial community, one thing not up for debate is this: Bitcoin is volatile.

Twitter shares also losing ground. Tech stocks underperformed the wider market on Monday, and Twitter ( TWTR) was no exception. The social media company saw shares fall 6.4% on the first full day of trading after it banned President Donald Trump from its platform.

The wave of tech companies cutting off access to their services for individuals and companies associated with last week’s storming of the U.S. Capitol has increased calls from some conservatives to regulate social media — an issue with growing bipartisan consensus, although each side of the aisle has their own set of reasons for wanting the regulations.

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Bitcoin News, Tesla Stock Falls originally appeared on usnews.com

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