Is market down due to Eid of muslims?

[Tigorss]

Bitcoin has nothing to do with Eid. Bitcoin has decreased in price due to the balance of other coins because we know everything needs balance. Regarding bitcoin in banned on Google and Facebook is also a major factor about this price reduction, but it will not be not too long.

yes for this matter I agree any religious celebration will not affect the value of bitcoin and any major religion could have this value could be reduced because there is more gambling like gambling world cup today.

[KID_28]

I think it has nothing to do with the said event, and i don't think majority of bitcoin or crypto holders are from the Muslim group. Maybe it is just a coincidence, besides the market depends upon the reaction of the crowd, i think the fall of the market nowadays is due to the news about the bitcoin manipulation blurted out by some programmers and i think it didn't work though, cryptocurrency world is still standing strong.

[jcmansah7]

Well i beg to differ but i don't think it is as a result of the festivity of the Muslims. Cryptocurrencies are volatile and so their price can fluctuate at any point in time. Well if you are in a haste to sell some coins please hold on for a while because from crypto financial analysts green days will fall upon us in no time.

[gabmen]

I don't think  cryptocurrency market is connected to the eid of muslim they might be coincidence and I'm not surprised with the market now because my opinion this month will be dept.

Lol. This trend has been ongoing way before the ramadan season for muslims. It's funny to even think there's a connection whether direct or indirect. People are just trying to connect this decline to prettt much anything that's happening outside crypto

[glowing10]

I don't think  cryptocurrency market is connected to the eid of muslim they might be coincidence and I'm not surprised with the market now because my opinion this month will be dept.

This does not have to do anything with the EID. Infact market is being down now by last couple of months as it was 8k and then keep falling sometime and then rise a bit. So nothing new in this and festival as said rightly is not the reason. The reason what it could be is due to panic selling where people are not sure if it will fall further.

[etin06]

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 that might be a partial  reason for last weekend red market. We also witnessed similar thing during the Christmas and New celebration.  Let see if there will be a bounce from Tuesday.

[Nilda]

I don’t think that any holiday will ever affect the cryptocurrency market. The Chinese New Year passed without even making a dent. That’s close to 2 billion people, almost the same number as the celebrators of the current Muslim holiday. So please, stop making trading plans based on a holiday.

[damrianto]

the atmosphere of the crypto market during Idul Fitri celebration of Muslims is very quiet, because the traders are busy with their respective family events welcome idul fitri, so it could be possible market atmosphere can be quiet and without any transaction usually before Eid fitri come the market atmosphere enlivened by the people Muslims who want to transact ..

[icecream sandwich]

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 dont think that those things are related because that is really dont it is pure coincidence for me because muslims are not gonna sell bitcoins or cryptocurrency in that day maybe some of them but that is not because of eid of the muslims that is because of their free will amd own reasons. There are eid every year but not everytime that day comes bitcoins are falling so that is coincidence do not make some excuse for the bitcoins holiday do not affect that price it is up to the majority of us.

[speedy963]

the atmosphere of the crypto market during Idul Fitri celebration of Muslims is very quiet, because the traders are busy with their respective family events welcome idul fitri, so it could be possible market atmosphere can be quiet and without any transaction usually before Eid fitri come the market atmosphere enlivened by the people Muslims who want to transact ..

I am just being curious how does the celebration being relevant in crypto? I know some of our brother and fellow muslims are using crypto but as far as i know it doesn't have any relevance at all. Aside from that let us respect the celebration, and let us not involve their religious belief in the economic problem. Ever since i have heard since then about them are almost negative at all, and it is like they are the ones to be blamed by every negative happenings all over the world, and even here? Oh come on. Let them celebrate peacefully.

[cosmoo]

That's very funny that you thinking like that
A year ago I thought that holidays can affect the price of Bitcoin too. But I began to monitor this and understood that cryptocurrencies market not that easy.

[Ineedtopee]

Lol I hardly doubt this is enough to affect the market value that much. Even if all muslim investors were to sell their crypto for gifts I'm not sure gifts would amount to that much. And also, I'm not too sure about other counties but over here muslims don't buy each other presents for eid, they gift  a little money to kids

[bloodyvio]

i do not think it has anything to do with Eid Mubarak of Muslim
market down due to investor interest began to decrease
fomo began to disappear, unlike August last year until January this year
it is the moments of fomo cryptocurrencies rising dramatically
and now fomo began to calm down

[Singbatak]

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?

The "Eid of muslims" is not the reason that the crypto is falling today. And we should not connect it. There are so many reasons that the Bitcoin price falls and I'm sure that's not it. This can be due to the dump of big investors who manipulate the price.

[yanixbtc]

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 dont think that the Muslim Eid had something to do with the market fall. It has no relation to it because the bitcoin value is falling already and it just keeps that way even without the muslim celebration. That is the markets normal behavior and that is bitcoin’s norm. With all due respect to the Muslim society I don’t think it has in some way related to the market downfall.

[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

No one has discussed about the zakat muslims have to give to poor and discussed my case i wrote here

[Nakakapagpabagabag]

I don't think  cryptocurrency market is connected to the eid of muslim they might be coincidence and I'm not surprised with the market now because my opinion this month will be dept.

Lol. This trend has been ongoing way before the ramadan season for muslims. It's funny to even think there's a connection whether direct or indirect. People are just trying to connect this decline to prettt much anything that's happening outside crypto

There are many reasons why bitcoin price decline but any religous thing is not part of it. For me, the main reason why bitcoin price drops is because of its volatility, it changes rapidly, unpredictable if its going to increase or decrease. Its price now is decreasing, so maybe later before the year ends, it goes up. Connecting any non technology thing on bitcoin is not making sense.

[Redhead5]

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 dont think that the Muslim Eid had something to do with the market fall. It has no relation to it because the bitcoin value is falling already and it just keeps that way even without the muslim celebration. That is the markets normal behavior and that is bitcoin’s norm. With all due respect to the Muslim society I don’t think it has in some way related to the market downfall.

I would disagree too that Muslims celebration of Eid affects bitcoin downfall trends. Because even not yet celebrated Eid bitcoin value was declining already and this is not unusual behavior of bitcoin. Bitcoin was subjected already of volatility even without any holidays happened world wide. This is normal truth of bitcoin for being unpredictable and volatility in behavior as well.

[5ensei]

Muslim countries are not known to be big investors of bitcoin, and it was only quite recent that bitcoin was declared legal according to Sharia law. I don't think Eid has any effect on price at the moment, but perhaps it will in future

[Sandus_Cryptolover]

What? How on Earth can you tag the current red market trend to the Islam festivity? This is socially unfair and ungodly as well. Anyways I look forward to the market recovery in no distant time.

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?