Is market down due to Eid of muslims? - page 7.

chipzeru

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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?

In my opinion, eid mubarak has nothing to do with the market crash because muslim countries or countries with huge muslim population are not influential countries in cryptocurrency. When Bangladesh and Indonesia's government banned bitcoin, it didn't affect the market at all. Also their religion teach its followers to be more concerned with the afterlife than the real life so that's why muslim countries are not as advanced as western and east asian countries, not much contributing to the world including cryptocurrency.

bilal_jan321

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Crypto market is down since the start of this year and I don't think Eid festival has something to do with the current price decline. BTC went down to 6611 USD on 07 Apr 2018 (source).
Just HODL and don't worry. We will see bullish rally very soon.

Dava.Dina

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Eid is a sacred and sacred day for Muslims to celebrate.

In Idul Fitri they forgive each other.

This is an important moment for reciprocity and we also apologize if the words in this forum are wrong.

So Eid and Muslim have nothing to do with falling markets.

Gatot84

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There are several factors that affect the current bitcoin price. In the last year in the middle of the year the price fell the same as this year. Many people sell for their holiday needs when Muslims celebrate the day of victory for their relatives away from home, so they exchange bitcoins with banknotes to share with their siblings. That's just a small effect only bitcoin prices will return to normal and increase as the previous year. Cool

ModGirl

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Quote from: Tigorss on June 16, 2018, 06:12:20 AM

Quote from: ubay on June 16, 2018, 06:03:20 AM

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.

Well EID is nice and good celebration which has no bad effect on the price of bitcoin, infect I think celebrations makes price of bitcoin even more higher as people use bitcoin to send gifts online to long distance love ones so they use bitcoin for this purpose, according to me bitcoin gets high whenever anyone celebrated any custom of any kind of other celebration religiously.

jpespa

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I don't think so because as far as I remember that some muslim people said that bitcoin is banned to them so if it is banned to them in the first place then none of them can use it therefore whether they have their holidays or not they will not affect bitcoin price. The reason I can think of is that some people just like to sell their bitcoin to avoid further loss if the price fall down again.

Dainye_dyep

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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?

Why does people out here are just taking all the recent scenarios having the connection with the continuous drop of Bitcoin price? Although it is do really possible that Muslims the uses crypto might be doing such thing, I think it is not necessary to include their celebration to be the topic of this thread just to put the blame why does the price is continuously going down. It is just that many groups of people around the globe maybe including the Muslims are just doing their thing of using their crypto for their own purpose that even it is not related to their Eid celebration.

Ishiro5

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It most likely has nothing to do with that, it's a continuous perpetuation of the remnants of the FUD that has been created affecting buying and selling attitudes. If Eid were to be the reason, i guess we would not have seen such an epic rise in December due to the Christmas then too.

yvuj101

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Quote from: Dr.Osh on June 15, 2018, 12:35:49 AM

it is possible that many bitcoin Muslim entrepreneurs sell their assets and make the bitcoin price down a bit. well, we know that so many very wealthy Muslim entrepreneurs, like the dubai people.

I agree with you, there are many Muslims around the world most of them are connected with business entrepreneur in this celebration of Eid they focus on thier belief set aside all those transactions of economy after finished thier celebration we should prepare the price may goes up that's may bet.

alroys

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I think not, Muslims do not really like the excess. they will not sell their Bitcoin just to merayakaan, feast of Eid al-Fitr. I believe that, Muslims prefer simplicity.

Nanashev

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The fall of Bitcoins has no relationship with the Eid Fitr celebration. I do not think any serious investor or bitcoin holder will love to see the coin just because of a festive season. If that is the situation then what will happen during christmas and easter? There are several reasons that let to the fall of bitcoin, afterall the coin dropped before the celebration of the Eid of muslims. Lets leave muslims out of this please.

Aryadwipanggah

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I think Eid fitri is not a good reason why bitcoin prices are going down even though in one of the Muslim countries the Idul Fitri celebrations need big funds and maybe sell their bitcoin to have the funds in this celebration, but I am sure not to have a big effect on the bitcoin price in general.

Kimchu kuno

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Quote from: richminded on June 15, 2018, 12:41:45 AM

The current drop is nothing to do with the Muslims its more on the manipulation of the whales. Let’s not connect every event to the fall of bitcoin or any other cryptocurrency remember that this market is drive more on the negative news and the weak emotion of a new investors.

As a mature personalities we should not blame Eid of Muslims causes of downfall of bitcoin. There are many negative news spreading by haters some are doing manipulation example whales they wanted that only few who's going to joined in order that all profits will goes to themselves. If this characteristics plenty in bitcoin maybe investors will retrieved thier investment we need to be friendly and kind be a giver not to count of what we received because in business we need to be patience.

stynos

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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.

zero714309

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I think this is not the reason,this is the direction a lot of bad news about bitcoin,the last is the matter of the exchanger of korea in hack,korea is a country that is very influential on the movement of bitcoin like the country of japan and also china.A few months is too much negative news and even 1 positive news still can not change the state of the bitcoin

ZZ8ZZ

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I'm pretty sure that Eid and Muslims has nothing to do with the market being down. People look for all kind of reasons why Bitcoin is dumping, but the reality is that there is so much manipulation going on, that you can't even predict what will happen after few hours in the crypto world. That's why you should take advantage now, because the market will not be like this forever

Sandus_Cryptolover

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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.

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?

5ensei

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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

Redhead5

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Quote from: yanixbtc on June 16, 2018, 08:29:12 AM

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?

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.

Nakakapagpabagabag

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Quote from: gabmen on June 16, 2018, 06:24:38 AM

Quote from: tayecrypto on June 16, 2018, 06:05:22 AM

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.

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