Does Eid Mubarak Affect Bitcoin Value ?

[marcbitcoins]

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?

I don't think that this current Bitcoin price falls has something to do with the Ramadan activity because most of our muslim brothers did not go on spending just to celebrate their day but they just focus on fasting while praying to their god so meaning they spend less on this celebration but maybe after the date they will do lot of spending but you must think that Bitcoin price already falls since Jan so i think they really have nothing to do about this current market performance.

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[MRY]

I think there are many factors that affect the value of bitcoin and maybe it is Eid Mubarak that makes a lot of people sell so it will make the price becomes more and more down

[Sony.UK]

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?

Everything is right, but price fluctuation is not depends on RAMZAN because this week only big dump in the market. May be after RAMZAN this will raise in the market everyone accept your point but current dip is unpredictable because many rumors are spread in the market. So exact information is still analyse in many experts

[Tigorss]

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.

has nothing to do with the celebration of religious holidays of any religion because of the use of bitcoin to open the majority of the Islamic religion that it uses so this has nothing to do at all probably just coincides with Idul Fitri holidays the price of bitcoin decreases so it can be linked to this.

[tokecabe]

I think the effect is not too big, because it is before eid mubarak Muslims who have Bitcoin will sell their assets for the preparation of the holiday and it's just natural not just a bitcoin even many who sell gold for it.

[Fuhre]

eid mubarak and bitcoin prices have absolutely nothing to do, no factors need to be explained. do not because you panic see bitcoin price down, you can assume just like that, man. I emphasize once again, eid mubarak has nothing to do, nothing to do with the price down. in my opinion, its down this price has become an annual tradition.

[laluna24]

I think there are many factors that affect the value of bitcoin and maybe it is Eid Mubarak that makes a lot of people sell so it will make the price becomes more and more down

Yes a lot of factors contributes affecting the bitcoin value to drops down. But I do not think Eid Mubarak is one of it, people panic selling and lack of adaptions comes out that price is down.

[The Sceptical Chymist]

I don't even know what Eid Mubarak is apart from what I just read in this thread, and I've never heard whatever it is discussed in the context of bitcoin before--so no, I don't think it has any effect on bitcoin.  I realize Muslims make up a big proportion of the world's population, but I'm pretty sure religion doesn't affect the price that much, if at all.

These questions of "Does X affect bitcoin price" are really candidates for econometric studies.  There are probably some folks at academic institutions who've worked on correlating bitcoin's price to different variables, but I've never seen the results anywhere. 

I know there are econometrics software packages that have various economic data that can be used to find correlations, and it'd be great if someone on this forum had such software to answer these questions.  Somehow I suspect that these questions are just going to keep getting asked, and people (including me) are just going to keep guessing at the answers.

[removebeforeflight]

May be this is one of the reason for dip in price for Bitcoin but not aware of the real reason. The countries adopted Bitcoin as legal tender for crypto is few Muslim countries compared with other major countries but persons involved in it are mostly from those religion I hope. But there is no specific data point to support this but just a guess may be.

[mostcrack]

Not so sure that they sell it for that alone where the impact that currently occurs exceeds one's expectations, I think the celebration of Eid does not make the price worse like this, because I see many celebrations do not use too much money, but only partly not for the pride of the Muslims, the current decline is just a big man game that wants to manipulate the market in order to buy back at a cheaper price, I'm sure of it.

[nydiacaskey01]

I don't think it is possible that Eid Mubarak has an affect in the price of Bitcoin since those who celebrate Eid Mubarak are those who are lives in Muslim countries or there's a community for Muslim's. If there's an affect, it might not be that big as some of us are expecting. I have office mates who are Muslim and before Eid Mubarak, they sold some of their appliances to celebrate the event. Affect maybe just minimal.

[olubams]

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?

This is another direction to look at things because this period would surely affect businesses both positive and negative especially Muslims. Alcohol businesses, bars, casinos would surely take a hit whereas fruit businesses, groceries would see huge improvement in their businesses. The effect on bitcoin is not something huge enough because it has already been regarded as against Islamic teachings until recently when I read some article in support so maybe because the message has not spread that bitcoin is not against Islam, Muslims decides to stay away for now.

[Nick Abimanyu]

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?

Eid Mubarak doesn't matter at all, what matters is when Eid Mubarak himself ends, where most Asian people take advantage of the moment with a vacation somewhere where he likes. Like a walk, visiting the closest relatives, even the far away ones, at that time usually almost a lot of people, users and investors are monetizing their coins to cover their financial needs.

[followmenot]

I think it definitely affects overall prices.. But hard to calculate you know. Muslims love to share money in eid mubarak days to kids and family members, some coiners could sell to give money to their families so.