Is market down due to Eid of muslims?

[Chrisjay29]

I think cryptocurrency market is not connected to the eid of muslim they might be coincidence and im not surprising with the market now because my opinion this month will be dept

[zhengqiurong2@163.com]

Your logical thinking is invalid. I don't think Eid would affect the cryptocurrency. Cryptocurrency is a global movement. I think this is the reason why current funds are not willing to enter the cryptocurrency.

[indayburakday012]

No way it could be like that because in muslim religion they are fasting and will not eat anything so it will make sense on holding their crypto or bitcoin instead of selling it. Besides times are not good to sell bitcoin instead the time for now is good to buy bitcoin. I do know that there will be another comeback on it in the market price in the next few months.

[Crypto_Sassy]

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?

What made you think like that. Look like that for every price fluctuation we need something to blame.
They can give bitcoin as a gift too, no need for them to sell it and buy something else. (just my thought).

I do not understand , why people blame drop in market to some factors when nobody is still able to explain what cause market to reach at $20K USD.

[hualy2]

I don’t understand what the relationship between Eid al-Fitr and Bitcoin is. There are a lot of things they don’t have very close relationship with Bitcoin, but some people always like to link them together. This is very ridiculous.

[sangkler11]

so many factors are affecting the current bitcoin price, and Eid of Muslim may be one of them because all Muslims need a lot of money to celebrate. but I think the effect is very small

[crypto360]

Guys let me be very clear again i am not here to blame anyone or any religion this trend is normally seen before every holiday and we can very eaisly expect muslims whales to be there too of Saudia arabia and dubai they are very rich they can eaily manipulate the market by selling and even they would want all muslims to buy crypto at a very cheap rate as a gift of eid 😁

[zolfa]

I think eid day is not the cause of the falling bitcoin, because, before the eid day, bitcoin has fallen. and many Muslims do not sell bitcoins, they are trapped by long correction. so they prefer to hold in a long time.

but, maybe eid day can also be the factor that makes bitcoin fall, but on a small scale, and does not dominate the fall of bitcoin.

[alfs75]

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?

thats is the big mistake that because of Eid of our brother muslim the exchange market is going down,because there is no connection between the feast of the islam religion to digital currency investment,even there some our muslim brothers exchange there crypto coins into fiat in order to buy a gift for there love ones,because since from the start of this year the block chain market faces so many problems and this Eid of our Muslim brother is  no affection to the things happen in cryptocurrency.

[cardo]

I don't think if Muslim holidays will affect Bitcoin prices, there are lots of factors that bitcoin price falls down, Bitcoin dumpers, fake news about bitcoins are the reasons why Bitcoin have a bad price.

[Easteregg69]

The yearly magic carpet flights should take some weight of the market.

Try from a high place..

[jagdeepjd]

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?

We were in a downtrend since January so I don't think this fall hs any relation to the festival of Eid. It is just the big whales dumping to grab the cheap bitcoin. Also, we were supposed to hit such low for a healthy reversal as per the Technical analysis of many analysts.

[THATBTC]

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.

lol u right, but the bitcoin it's gaining this force
https://btcmanager.com/cryptocurrency-for-the-cannabis-industry-gains-20-percent-after-diplomatic-apprearance/

[@oweljayr]

I don't think there is connection at all with regards to Muslim's Eid celebration.  Even other religion's feast wont affect any ups and downs value of bitcoin or any other cryptocurrencies.  Even there are no feasts to celebrate at all, cryptocurrency values fluctuates.

[badakjawa]

I think that's not the main reason why bitcoin falls. but the main reason for bitcoin falling deeper is because of many problems in the crypto world, like many scams on every ICO project, a few days ago titanium bar did fraud against some investors. and the SEC directly arrested the CEO of titanium bar. then also coinrail exchange hacked.

[stompix]

Let's see, largest Muslim country by population...

Indonesia,largest exchange Indodax, volume......$1,444,440  LMAO!!!

Pakistan, largest exchange.....shut down...

Urdubit, a cryptocurrency exchange that first launched in 2014 with the goal of building a base of support in the region, said in the wake of the statement that it will shut down.

 LOL!

India, largest exchange, Zebpay, volume.. $934,197 ROLF

Bangladesh, ups bitcoin is banned here

Egypt, largest exchange..oh.. there is no such thing.

So, Eid what???

[darkangel11]

OP's comparison reminds me of those people who are always looking for the simplest, nonsensical explanation.
BTC lost value in December? - People are selling to buy Christmas presents.
BTC gained value in December? - People are buying to add BTC to their presents.
Can we really get more ridiculous than this?

[nanasei]

I don't think there is a correlation between a religious festival and the rise or fall of a cryptocurrency assets. If the Muslim are using cryptocurrency as a payment which they won't be able to use again,you can then assign their festival to the downsized of the market.

[Ootsumasu]

I think it could happen because of the habit in every day of the world's big day, the market will tend to go down.
Moreover, the big day that the population has many followers in this part of the world.

[altcoinanalyst1]

The muslims giving gifts has no relation with the crashing of Bitcoin price. If you are thinking they need to give million dollar prizes then trust they have enough money to buy hundred of these, they need not to sell bitcoin in order to buy gifts.