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Author Topic: Does Eid Mubarak Affect Bitcoin Value ?  (Read 238 times)
Pavel Medino
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June 13, 2018, 05:05:51 PM
#1

A week ahead of the end of Ramadan, the value of 1 bitcoin is still above 7000 thousand USD, but closer to Ied Mubarak, bitcoin value continues to fall close to 6000 USD?

For those who know and analyze, please explain the factor?

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June 13, 2018, 05:08:16 PM
#2

A week ahead of the end of Ramadan, the value of 1 bitcoin is still above 7000 thousand USD, but closer to Ied Mubarak, bitcoin value continues to fall close to 6000 USD?

For those who know and analyze, please explain the factor?

You seem to believe that it is a factor. Perhaps you could explain why.

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June 13, 2018, 05:39:29 PM
#3

Eid Mubarak?  If Eid is Mubarak then it should not have affected the price adversely . Rather it should have pushed up the prices. 
I think some festival can not be the reason for bitcoin price fluctuation. If Muslims are doing all other business presently  it is not believable that they may have given up BTC business thereby price fall.
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June 13, 2018, 05:49:24 PM
#4

I don't think Ramadan affects anyhow on a bitcoin rate. It just can affect the time when Muslim people are active on a cryptomarket and trading as their daily schedule shifts. All the rest stays the same.

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June 13, 2018, 05:49:48 PM
#5

it can happen, if all of the bitcoin owners come from a Muslim majority country, will release some of their bitcoin for the sake of the feast of ied mubarak. They buy all the necessities and needs, and share the fun with family and friends. this is just a matter of culture, and crypto markets also understand that.

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June 13, 2018, 05:56:50 PM
#6

I think eid mubarok does not affect the bitcoin price at all, because it affects the bitcoin price, among other things, the number of bitcoin and the number of users, the traders' opinions and the fraud mode involving bitcoin
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June 13, 2018, 05:59:34 PM
#7

How come you went that way?
Far away from those who really affects the bitcoin price.
I dont really know what is happening except for one exchange being hacked. But if it is the End of Ramadan that will affect it then I guess you are confusing the crypto currency market.
It doesnt belong to that line. Look for other points. Not this.

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June 13, 2018, 06:30:44 PM
#8

A week ahead of the end of Ramadan, the value of 1 bitcoin is still above 7000 thousand USD, but closer to Ied Mubarak, bitcoin value continues to fall close to 6000 USD?

For those who know and analyze, please explain the factor?

Many say that the decline that occurred several days was caused by a hacker of 30 billion dollars that occurred at exchangers based in South Korea. In addition, as a result of the hacking market capitalization cryptocurrency has decreased as well so that cryptocurrency is dominated by decreases in all crypto markets.



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June 13, 2018, 07:24:24 PM
#9

Well it can be possible that Upcoming Eid affecting Bitcoin value. May be some big holders of Muslim rich countries like Dubai, Saudi arabia throwing a million budget party for the festival or buying Lamborghini as a gift so they are selling bitcoin. Otherwise there is no reason that Eid festival can affect bitcoin market.
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June 13, 2018, 07:32:51 PM
#10

A week ahead of the end of Ramadan, the value of 1 bitcoin is still above 7000 thousand USD, but closer to Ied Mubarak, bitcoin value continues to fall close to 6000 USD?

For those who know and analyze, please explain the factor?
The cost of Bitcoin is influenced by the supply and demand factor. Investors are afraid that there will be a 6K.
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June 13, 2018, 07:50:06 PM
#11

A week ahead of the end of Ramadan, the value of 1 bitcoin is still above 7000 thousand USD, but closer to Ied Mubarak, bitcoin value continues to fall close to 6000 USD?

For those who know and analyze, please explain the factor?
yes EID effect the bitcoin because most of Muslims bitcoin user are trade in bitcoin and in eid they need money for their eid shooing that's why alot of people sell their bitcoin for eid shopping and the price are effected.

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June 13, 2018, 07:51:57 PM
#12

I don't think so, eid mubarak doesn't have any impact to the market comparing to chinese new year, eid mubarak is only for muslims and I believe only small precentage of the bitcoiners who are muslims specially those who s1ell their bitcoin during ramadhan, it's totally different than chinese new year, more like tradition rather than a religion thing yeah we all know that chinese is a big player here and of course their cellebration will effect the price. Anyway it can be true if majority of the people speculate that the price will be down before eid mubarak and selling their coins together.


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June 13, 2018, 10:09:46 PM
#13

I don't think so, eid mubarak doesn't have any impact to the market comparing to chinese new year, eid mubarak is only for muslims and I believe only small precentage of the bitcoiners who are muslims specially those who s1ell their bitcoin during ramadhan, it's totally different than chinese new year, more like tradition rather than a religion thing yeah we all know that chinese is a big player here and of course their cellebration will effect the price. Anyway it can be true if majority of the people speculate that the price will be down before eid mubarak and selling their coins together.

if the percentage is small, what are those factors?

chinese new year which recently happened did not lower the price as it is today, If you see this bitcoin muslim player of small percentage, do you have the data?

Indonesia, Saudi Arabia, UAE and others, is it still not called influential?

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June 13, 2018, 11:10:41 PM
#14

Yes I think Eid has a affect on Bitcoin. Though bitcoin in banned in many Muslim countries but there are Muslims all over the world who are dealing with bitcoin. So, this Eid celebration is having a affect on the price and hopefully this will be recovered soon after the Eid.
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June 13, 2018, 11:18:29 PM
#15

Maybe yes or no because they have muslim investing in bitcoin and they have user too. What if during Eid Mubarak did not use bitcoin the their hold their bitcoin so maybe it will not happen but if the muslim sell their bitcoin because of that event maybe the price decrease. But if they have effect to the value of the bitcoin I think it's only a little and not affect to us big.

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June 13, 2018, 11:33:23 PM
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I don't think that will be a factor for bitcoin prize get up or down but, even it does not affect FIFA world cup is coming soon and that should be a key factor.

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June 14, 2018, 12:18:31 AM
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I don't see any strong relations between eid mubarak and the price of Bitcoin. If you look at the previous prices on June of 2017 you could see the price was so stable at that time. Few months back I remember some are talking about the Chinese New Year and Valentine's Day heavily affecting Bitcoin prices. You shouldn't worry too much about holidays affecting the price it's most likely a coincidence.

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June 14, 2018, 04:03:04 AM
#18

A week ahead of the end of Ramadan, the value of 1 bitcoin is still above 7000 thousand USD, but closer to Ied Mubarak, bitcoin value continues to fall close to 6000 USD?

For those who know and analyze, please explain the factor?
Do you think Muslims are selling their Bitcoin to celebrate the Eid Mubarak? I don't think that's the case. Do you find any correlation between Eid Mubarak and price decline in the last few years? Even IF there's a correlation, it doesn't always means causation. I doubt there's a correlation in the first place though Cheesy

In general, I don't think any celebration like Eid Mubarak, Christmas, etc. affect the price at all. Markets don't care about that it seems.

Indonesia, Saudi Arabia, UAE and others, is it still not called influential?
No. How many people in those countries are using Bitcoin? Also, I doubt they store their savings for these celebrations in Bitcoin either. It's a bad idea to keep your savings for these events in volatile assets like Bitcoin.

By the way, Happy Eid Mubarak!
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June 14, 2018, 04:39:09 AM
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Well it can be possible that Upcoming Eid affecting Bitcoin value. May be some big holders of Muslim rich countries like Dubai, Saudi arabia throwing a million budget party for the festival or buying Lamborghini as a gift so they are selling bitcoin. Otherwise there is no reason that Eid festival can affect bitcoin market.

LOL it is funny how the minds of some people work.
why would a billionaire who throws million dollar parties need to sell bitcoin to  cover the costs? is he bankrupt that he has to liquidate assets to cover the costs?

Indonesia, Saudi Arabia, UAE and others, is it still not called influential?
No. How many people in those countries are using Bitcoin? Also, I doubt they store their savings for these celebrations in Bitcoin either. It's a bad idea to keep your savings for these events in volatile assets like Bitcoin.

it is not about whether they have bitcoin or how many of them do, it is about whether people are going to sell in situations like this. which i say NO, people don't sell their investments for a holiday! specially a long term investment like bitcoin.

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June 14, 2018, 05:12:31 AM
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A small impact can be experienced as people from Russia will be making use of their bitcoin holding for the celebration. Other than Russia very few Muslim people can be found around different countries of the world using bitcoin. More the usage hasn't been attained till date, which is a must for sustained growth.

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