Is market down due to Eid of muslims?

[iram3130]

I dont think there is any logic behind this. I have muslim friends and they are trading even in Ramadan season. On the contrary, Crypto market is ready to rise back and a small green bar may get some good volumes in the market right now.

[roadwell890]

I think all Muslims in the world, wanting to need fiat money that is used for charity and sharing pleasure, as it is when Christmas, all crypto has dropped dramatically and immediately bounced quickly

[m. yasir]

Maybe you are not calm. Prices up and down are normal in the market. Without having to blame any religion and remember everyone can buy when the price goes down. Hopefully you are more wise in seeing the market situation.

[kcirnhoj15]

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?

People nowadays are always thinking and predicting what are those possibilities that some of the crypto makes them down 
Are muslims do really affect the crypto market ?  Are all these investors that makes the market changes? Come to think of it, there are bad and fake news that affect the market, there are scammers and because of these some of the investors are making their path for what is the best. Last year on December, a lot of investor sell their bitcoins - and the price or value doubled 

[anrian062]

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?

well. the fairest answer to this question is MAYBE.
Yes, some of Muslims usually spending more money at the end of Ramadan to celebrate Ied Mubarak. and maybe some of money they invested in crypto will withdraw for the sake of Ied Mubarak, and yes market capitalization for BTC is falling at the 9th June 2018.

but, remember that we Muslims are spending money into the market.
lest see this Ied Mubarak as an annual economic event worldwide.

[LarryX5]

No, it`s not the reason. At December there are Christmas holidays and if I remember good, bitcoin price was at the highest level.
And for sure, it wasn`t because of Christmas.

[GoldenLad]

Nah...the Muslim celebration has nothing to do with it. I personally don't think that religion celebration mostly has anything to do with cryptocurrency. Many people may be thinking that any holiday can affect the cryptocurrency but it doesn't work that way. Most times, its an event that mist occur to affect the price of cryptocurrency by pulling it down.

[siagh357]

If more Muslim are into trading cryptocurrency then I could say yes the market is down due to the muslim celebration because either majority won't be trading or most will be converting their crypro into cash for gifts and enjoyment

[belyakovali]

I do not think that it has anything to do with bitcoin prices.Their population in the world is quite high but there are very less investors.

[markiplier.jack]

No, definitely not. FYI, the recent hack in Korean Exchange, regulatory concerns, the investigations of four major crypto exchanges on alleged price manipulations, the low trades, the so-called short sellers in trading exchanges, criticism from the world's established financial industry, and so on are sensible reasons behind the fall of BTC prices.

[athanz88]

I dont know, maybe if you can give the exact number of how many muslims who have only bitcoin in their pocket and have no cash to prepare for eid, then maybe we can calculate the percentage of the muslims effect on bitcoin prices.

Nah, im just kidding. The price has nothing to do with big day of any religion. It is because the market's law.

[AK47-]

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?

How that even make sense? As much as I know, people invest more during celebrations. What we saw last year after Thanksgiving, Christmas and New Year, according to my point of view, people rather love to invest in more during such period. Muslims did have their Eid last year as well. But last year, this time period was rather bullish. So assuming anything of this sort is a stupidity as market is experiencing this downtrend for a long time now. It started all back in February.

[Marlo Stanfield]

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?

Seems pretty highly unlikely that this would have enough of an impact on the market at this point.

People also said similar things about East Asians and the lunar new year. That they were selling for the same reasons you mentioned. But it really seems quite far fetched in my opinion.

[taeewo]

its doesn't relates at all as i never see any reason it will affect muslim celebration will affect Crypto..

[Vivif]

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 am a muslims but I think muslims is have not the correlation with Bitcoin price. price down is because Demand-supply and another economics factors.

[crypto360]

Reading all your replies i found one comment which really makes sense, which is muslims do have to to pay zakat(charity) which is 2.5% of their annual earning. Let’s think an example for a sec, if a person(whale)has 1000 btc he will have to pay 25 btc!!

Upto my thinking this is a strong case

[keninu]

In celebration of Idul Fitri, Muslims do not like to spend their time selling their Bitcoin and giving gifts to their families. What Muslims do in Eid al-Fitr festivities is mutually bera'af-ma'afan for errors of one brother to another. the decline of bitcoin prices has nothing to do with the Muslim festivities today.

[huige007]

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.

i think you are new here in crypto market the festivals are relation with crushes of bitcoin price when peoples need money they sell their bitcoin and here are alot of muslims investors who need money for EID and sold their bitcoin for EID shopping. because here peoples invest their money just for profit and when they get profit then they sell their bitcoin and withdraw money, if you look at the back  in last year the market was crushed because of EID and now just like previous year now in  this year also the market are down because of EID.

[boakyei]

This assumption is fallacy. To assume that every crypto trader who is a muslim will sell his valuable asset in cryptocurrency just for a gift for Eid. Even if your assumption is granted, it will be hard that such a sell off will make the market red.

[Caxton10]

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?

Seriously! I don't think Islamic religion has any effect on the price at the moment. Who knows, the percentage of muslims into cryptocurrency might not even be up to 1/3rd of the total crypto market.