Is market down due to Eid of muslims? - page 10.

Boldcom

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Quote from: crypto360 on June 14, 2018, 07:15:17 PM

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 all due respect, let’s not put the blame to muslims celebrating Eid. It may not have an effect at all. Cryptocurrency price is just so volatile. Veteran cryptocurrency investors know this to be a fact. Let’s not put the blame to anybody.

crypto360

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For all the folks who are asking or curious about how much do muslims spend on Eid may refer to the following articles which says muslims have a putchasing power of approximately 200 billion dollars in US and 20 billion pounds in UK respectively.. Remember these are only two countries (non muslim states), you can eaisly guess the remaining mulsim world purchasing power on Eid

*https://www.[Suspicious link removed]amp.timeinc.net/fortune/2018/05/16/party-city-ramadan-2018-eid-al-fitr-islam-muslim-retail

*https://www.[Suspicious link removed]s/amp.ft.com/content/9763b2c8-8692-11e7-8bb1-5ba57d47eff7

Olafs

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Yes, I have an uncle, he is a crypto trader, he gives allowances to his relatives using money from bitcoin.

azhariusman1981

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I think the market down has nothing to do with holidays Idul Fitri the Muslim, there may be other factors that cause prices to fall, possibly due to the regulations set by each country today.

sammyp

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If there is a reason for the fall of bitcoin I would not attribute it to the Muslim festival. The correlation between the two is very weak.

neliawesome

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Whats the connection of Eid's muslim tradition?Even if they bought gifts to their love ones as what you said, I dont think that will cause the crypto market down.They can afford to buy things with their own pocket not using bitcoin or other crypto coins just to buy those stuff.

ivrynx

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There is no connection, unlike the christian holidays wherein they will go into a spendig spree becuase it is said to give gifts on christmas day, but actually, religion doesn't have any affect with the price of the market, there will always be speculations sayings it is due to holidays, these are somehwat giving us fake news, the market is down, because of FUDs and if you check the volume, it is much lower than usual only a few percent of the community is trading bitcoin. I think we should respect the holidays of different religion and stop relating it to the market, since the market knows no religion.

Kelvinid

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win lambo...

Quote from: neya on June 15, 2018, 06:08:43 PM

In my own opinion the falling of crypto market dont have connection to the muslims eid.if muslim want to give gifts they have own money i think.no need to sell their bitcoin just for gifts.but maybe some muslims that have bitcoin to celebrate eid same with cathoric if we celebrate christmast we sell bitcoin also but not all but only some bitcoin.

I also agree.Even before this muslim celebration,the market price has been already falling.So i think this has nothing to do with the dropdown of price.It's just part of bitcoin's fluctuations.

neya

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In my own opinion the falling of crypto market dont have connection to the muslims eid.if muslim want to give gifts they have own money i think.no need to sell their bitcoin just for gifts.but maybe some muslims that have bitcoin to celebrate eid same with cathoric if we celebrate christmast we sell bitcoin also but not all but only some bitcoin.

300pips

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Dude it has nothing to do with the muslim or islam event. Bitcoin is making a very long accumulation to face 20k and higher.

Quote from: crypto360 on June 14, 2018, 07:15:17 PM

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?

PacePay

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Quote from: Hazaki on June 15, 2018, 05:30:11 PM

As a proud Muslim , i won't feel offended by this topic , not at all ! It probably made my day and made me laugh more than anything else in this whole week because it shows how much people can be simple minded ( no offense to the OP ) .. The correlation between the market's fall and the Eid is not only nonsense , but represents an amount of unique way of thinking ,like you're Sherlock Holmes but in one of those care centers for retarded people Cheesy

..
Let's talk in a more serious way , so when Christmas comes people won't accuse it if the market is going down : Let's imagine you bought some stocks, and some event came up , will you be selling your stocks in order to celebrate that event ? ..
And i guess we'll blame the Jews if the market goes up right ? XD ..

Comparing with the Christmas you have a logical reply. It is really the same as happens at the Christmas when people have to celebrate their festival then they sell their coins for getting some extra money the same happened right now. Many people think that they will not sell and many people reply without thinking bitcoin as a money if they will consider bitcoin as money then they will understand more easily.

bitterguy28

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“FRX: Ferocious Alpha”

Quote from: crypto360 on June 14, 2018, 07:15:17 PM

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 its possible but your imagination is very wide even the special day of muslims celebrating Eid you can connect for cryptocurrency price falling down and obviously if the muslims sell of their bitcoin during this time nothing possible affecting the price dump.

Hazaki

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As a proud Muslim , i won't feel offended by this topic , not at all ! It probably made my day and made me laugh more than anything else in this whole week because it shows how much people can be simple minded ( no offense to the OP ) .. The correlation between the market's fall and the Eid is not only nonsense , but represents an amount of unique way of thinking ,like you're Sherlock Holmes but in one of those care centers for retarded people Cheesy

..
Let's talk in a more serious way , so when Christmas comes people won't accuse it if the market is going down : Let's imagine you bought some stocks, and some event came up , will you be selling your stocks in order to celebrate that event ? ..
And i guess we'll blame the Jews if the market goes up right ? XD ..

charlzyeby

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lol...I think the bearish market started long before Eid. And how do you know the number of religious groups involved in bitcoin? This cannot be right in anyway you look at it.

PacePay

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Quote from: Lorna111 on June 14, 2018, 07:33:10 PM

Quote from: crypto360 on June 14, 2018, 07:15:17 PM

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.

I have some friends from Arab and I saw that they are treating bitcoin as money and they have all of their money in bitcoin and when they need money for any thing which is not available then they sell some of their coins. In this time there are a lot of Muslims in bitcoin and they may also do the same as Muslims do not like banking system and they will have the alternative as bitcoin so they will withdraw their money and will use them.

Chacha1000

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The market down could be truly from Eid of Muslims b because many will sell off some of their tokens to have a good time with families and friends

Caxton10

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Quote from: crypto360 on June 14, 2018, 07:15:17 PM

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.

boakyei

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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.

huige007

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Quote from: altcoinanalyst1 on June 15, 2018, 12:22:35 PM

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.

keninu

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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.

Topic: Is market down due to Eid of muslims? - page 10. (Read 1184 times)