Is market down due to Eid of muslims?

[crypto360]

With Eid just around the corner across the globe...

Are mulims in crypto space selling and taking their money out from crypto space to buy gifts for their loved ones causing market down?

[Lorna111]

With Eid just around the corner across the globe...

Are mulims in crypto space selling and taking their money out from crypto space to buy gifts for their loved ones causing market down?

With due RESPECT, Muslim celebration is no relation on the Bitcoin price, please read the indicators why Bitcoin price goes up and goes down, you posted question is a bit sensitive one to post on this treed. Remember Market is Volatile, anything can happened at any given time, market react base on the Volume of investment put in by numbers of investors in the trading market and had NO RELATION on this Celebration even if we consider that they use Bitcoin to buy gift or what ever it is just a fraction of the market cap.in  trading market would be posted.

[shaw1]

Yep. I'm thinking the Muslims are to blame for bitcoin crashing.

And not only are they to blame, but it is because they are giving gifts! Like billions of dollars worth of gifts.

That sounds logical and fair.

Let's go with that one, instead of blaming bitconnect style idiots who wanted to double their money fast, and then panicked when the market didn't keep going up. Let's blame a whole religion, instead of blaming prices going up wildly without any clear relationship to the rate of adoption of the currency. Let's blame gifting, instead of the whole bitcoin futures fiasco, that has brought bitcoin back to a reasonable point, from its overinflated cap.

Don't get me wrong. I'm bullish on bitcoin, and blockchain technology in general. But it went far too high, far too fast. And nobody was using it. (Much. Obviously people are going to disagree somewhat, but the basics are there.) You can't buy on amazon with bitcoin. You can't walk into most grocery stores and pay with bitcoin. The gas you pump does not accept crypto.

We need that kind of adoption. Slower, yes, but sustainable. That's how you get real value. Bitconnect didn't have a use. So it crashed to zero. Bitcoin has a use, but not nearly as big of one as many speculators thought. So bitcoin is crashing. (Just not to zero.)

Bitcoin hasn't won yet. It isn't an inevitability. We still have to show the world why it needs the blockchain.
And we'll get there. But blaming a religious holiday for bitcoin's price not continuing to soar?
That's just ridiculous.

[baconlike]

After 30 days of vegetarianism, the Muslims of the world attend the Eid al-Fitr mass prayer, then enjoy the most hearty breakfast of the family after 30 days of dieting. . That is not the reason the market is down for that holiday

[gstar - ross]

With Eid just around the corner across the globe...

Are mulims in crypto space selling and taking their money out from crypto space to buy gifts for their loved ones causing market down?

HAHA u crack me up buddy

[Gogochen]

People are always looking for reasons to fall.
Most of the time, however, these are not the reasons for the fall at all. The fall is the behavior of the market.

[pooya87]

lets say you have bought some stocks of a company like Facebook for instance. when it is Christmas are you selling your stocks to buy gifts for your family and friends or will you just use your money instead?

so why do you think bitcoin is any different? this has nothing to do with this "Muslim Eid" at all. it is a dumb trend that has been going on for a while. they started it with Chinese holiday and then repeated the same thing every time there is anything remotely like it!

[arief.sutono]

For whatever reason, Muslim celebrations have nothing to do with Bitcoin prices, please read the indicator why Bitcoin prices go up and down, you post a rather sensitive question to post on this treed. Remember the Market is Volatile, anything can happen at any given time, the market reacts based on the volume of investments entered by a number of investors in the trading market and NO RELATIONSHIP WITH CERTAIN RELIGIOUS AGE on this Celebration even if we assume that they use Bitcoin to buy gifts or anything that ever it is only a small part of market cap.in the trading market will be posted. Thanks

[player514]

With Eid just around the corner across the globe...

Are mulims in crypto space selling and taking their money out from crypto space to buy gifts for their loved ones causing market down?

I highly doubt this is a thing. People wouldn't take their money out of stocks and real estate just to buy gifts would they? If someone needs money that badly for gifting to other people, they:

1) Wouldn't have the money to invest meaningfully anyway
2) Probably wouldn't know about crypto and bitcoin in general
3) Would be making a big mistake since there will likely be fees associated with moving money out of an investment.

It doesn't make sense for anyone (not just Muslim people) to take money out from these sources just for gifting purposes.

[samcrypto]

Definitely not, they will surely not spending much of giving gift because Muslims doesn't live this way, they are quiet living in a simple way. I don't really think it can affect the market price even if they withdraw a hundred of bitcoin. Better to find another reason why this market is dumping or focus on just accumulating more coin since the price are still cheap.

[Tylev]

The crypto-currency market also fell before this Muslim holiday. In general, there will be some holidays in the world, every nation or nation has its own traditions and holidays. This does not mean that the crypto currency market will never rise. Here there are their own processes. While bitcoin is not ready for its growth.

[Menawikitajodohkok]

the price of cripto money down it's not because of the good fortune Idul fitri, down because every time the market price on what day can go up, sometimes Eid can fit up, I never ngalamin in the new year also down .

[umar22pk]

With Eid just around the corner across the globe...

Are mulims in crypto space selling and taking their money out from crypto space to buy gifts for their loved ones causing market down?

I don’t think is it any connection of bitcoin falling value with Eid ul fitar, but we can say there is a lot of rumors  related with bitcoin by social media & some government authorities as well is the main reason of this bubbling.
If we talk about correction of bitcoin then it will be also not false, because after a high rise in January 2018 correction was also necessary.

[Nerman]

Although because of the upcoming holiday for our Muslim brothers and probably some are selling their Bitcoin to cash out and use the money for this holiday, I do not think that it is not enough to cause any type of Bitcoin crash. There  are a lot of going on and the price downtrend is a cumulative of all the FUD.

[CAPT.DEADPOOL]

there is nothing to do with eid muslims in the fall of the market because the market crashes because of bitcoin so many losers and investors and now hold their job so they do not lose the way so you do not lose the cheap to recover you

[Beehives]

I doubt it. There’s anyone has a figure of muslim population doing crypto? If only base on population it will not really hurt the market. I think the reason why the market suffer because of the whales playing again to gain more on their advantage.

[Dr.Osh]

it is possible that many bitcoin Muslim entrepreneurs sell their assets and make the bitcoin price down a bit. well, we know that so many very wealthy Muslim entrepreneurs, like the dubai people.

[marc_a]

I think we had this discussion also when it was x-mas, and it will all be better wehn the chinese new year starts.
I think most poeopl will not sell because it is an important day in a fairytalebook

[richminded]

The current drop is nothing to do with the Muslims its more on the manipulation of the whales. Let’s not connect every event to the fall of bitcoin or any other cryptocurrency remember that this market is drive more on the negative news and the weak emotion of a new investors.

[Helex]

I don't think so because the last 4 month market is down. There are no connection between market and Eid. I heard similar words during Christmas and valentines.