Is market down due to Eid of muslims?

[judejude]

Your logical thinking is invalid. I do know that there will be another comeback on it in the market price in the next few months.

[Malaya]

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 come the price of bitcoin was related to the Eid of Muslims? The red market days of cryptocurrencies cannot be associated Eid or any celebration around the globe. This is funny yet annoying. Asking for the obvious answer.

 

Your logical thinking is invalid. I do know that there will be another comeback on it in the market price in the next few months.

It's not even logical.

[sevenonetwo]

Yes, it might just happen. When Eid so many people who need more money to celebrate. When many people are in need of money and maybe their savings are just bitcoin then they will sell their bitcoin. When many people do this then the bitcoin price will drop dramatically. This happens because a lot of people are selling bitcoins rather than buying them so there is no balance between offering and demanding on bitcoins. This imbalance certainly makes the price also unstable. But, usually after the Eid, many people will buy bitcoin again when their finances are stable. They will look for more income to be able to invest again.

[addeqt]

Nice idea, are you just comparing it to Christmas time. As far as I knew Eid al-Fitr is the end of the religious holiday. It is not comparable to Christian celebration of Christmas. It is more likely as maud Thursday and Good Friday. Those events are not a gift giving event, and there is no reason that Muslims will spend their bitcoins to buy gifts and give it to their loved ones. If they spend bitcoins, it is more probably spend on traveling to the holy land.

[blazsqd]

Idul fitri has nothing to do with the market price down or I can say cryptocurrency market is not connected to the eid of muslim. As we know and its always happened, the market is sometimes up and sometimes down. 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. So once again I don't think so.

[rexxarofmoknathal]

I think the market turns red in the last few days is not caused by it, maybe FUD is the main cause
Some mainstream media horrendous public by creating FUD from little cases like Coinrail Hack and the investigation of four major cryptocurrency exchanges, new investor confidence is broken because of this FUD and panic selling

Exactly. Just because Eid happened around the time the market had started to go down is shear coincidence. I do not think Eid had anything to do with it, but simply its the negative press and downturn on investor confidence

[shafi alam]

I think there is no connection between the feast of Ied Fitri with the decline in Bitcoin prices. It is not fair if the decline in the price of Bitcoin is associated with the Muslim holiday. It's just a coincidence, when the Bitcoin chart goes down, the time coincides with the feast of Ied Fitri.

But i think that as there is a big number of Muslims who are related to bitcoin, so if they have quit their bitcoin activities for few days just like Chris-miss, so chances are that the market has been disturbed a little by them. I think after two days when their Eid holidays will over they will again start their bitcoin activities and hopeful the market will also get some support.

I'm a Muslim also,  before eid I withdraw some bitcoin and sold it. and those who Muslim and involved with bitcoin they also would do the same thing.  but this is not effect for bitcoin as my opinion.

[BitRentXx]

I think not, although Muslims celebrate eid mubarak but bitcoin is too valuable for them to spend in a celebration.

[jamesmarkx]

i thought so too in the beginning but now it seems theres some other reason as there hasnt been much recovery since eid has ended, i think the fuel(new money) is slowly ending and we need some big news to make new money enter crypto then we can see some rise other wise it may float in 5-8k range for some months and 10k in best case scenario

[Daniel91]

In my opinion, market is down because of a few factors.
First, we have a lot speculation at the market from big investors.
Also, we had recently many bad news and rumors about bitcoin.
All this together created negative feeling in the market and price drop.
I don't think that Eid of muslims was to big and important factor here.

[ishinn99]

I don't see any connection with the "Eid" of our muslim brothers and sisters around the world why bitcoin price go down,  one big reason why bitcoin value in the market collapse, because of the bad news coming from various countries about it.

Yes you are right, this is because of the continues bad news happenings involving bitcoin, also I think it is all because of the big whales that never stop manipulating the price of bitcoin.

[Borisov]

Read the news-how many positive and serious events. Why not grow? Yes, everything is simple, large players need cheap bitcoin for purchase (at the same time and drive out weak hands) , very soon we will see the volumes.  we observe and if there is a Fiat, then we do not buy a lot, not at all , but in parts. since it is not known how many will reduce the price, it is possible that bitcoin and 2500 will be able to see, and then a sharp rebound.

[1goldhunter001980]

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 think the downfall price of bitcoin was not influence by muslim religious activity "Eid of muslims" because even before cryptocurrency market already dropping.

[market-beta]

if I think the price of bitcoin down is not just the feast of Eid al-Fitr Muslim. but also a long national holiday factor. because many are selling their assets for a road trip with the family .

[niteroy]

Now it is difficult to say unequivocally, because the prices in the market are heavily manipulated, but I believe that this is not so important, because the adoption by governments of Bitcoin and other crypto currencies is much more important, which will expand its scope and increase the community. After this, it is predictable and the price will go up and the panic will change for a fuss.

[SeVenlast]

This has nothing to do with Muslim celebrations this month, it's a bit strange to me.

[dartvaider]

I have to say that this is the one of the most stupid explanations about Bitcoin price dump that I've ever heard. Even more than any conspiracy theory.
Realy can't understand how you have found any connection between Bitcoin

[ngefek berat]

Most likely its main factor like that because during Eid of muslims the majority of need money so with the sale of assets simultaneously lead to more turbulent market and the impact that will arise very large later but traders must remain optimistic that in the future price will also increase.

[Tuznalinz]

The Eid celebration has nothing to do with the fall in price of btc just like every business there are times of highs and lows. 

[royal slave01]

For me I think the market fall down is not cause by muslim activities instead it is manipulated by some people want to buy crypto in low price .