The Crypto-Rundown

Bitcoin is Declared Halal Under Islamic Law

Recently, the crypto market has been showing signs of bullishness, with a pump pushing bitcoin's price to roughly $8,000. This was followed shortly after the Islamic States declaring that bitcoin is considered to be halal.

What is halal you might ask? Halal, also spelled hallal or halaal, refers to what is permissible or lawful in traditional Islamic law. Bitcoin ran into some problems globally entering into 2018, with multiple countries' government continuing to push regulation to the cryptocurrency. The regulations globally pushed bitcoin's price down, with speculators and FOMOers leaving the market, known as #weakhands . There has been numerous positive news about cryptocurrency throughout Q1, however it has been proven evident that the majority of these early 'adopters' were no more than speculators with the massive price action in the cryptomarkets, with the overall market cap close to $800 #Billion in valuation towards the end of 2017 and the beginning of 2018.

After being declared Halal, roughly $1.6 billion dollars was pumped into the number 1 ranked cryptocurrency. With bitcoin's price soaring, altcoins as well began to show signs of life, after a rough Q1 for the majority of the market. Within the last 48 hours, the cryptomarket cap has gained a little over $50 billion.

There has been positive news throughout the week as well, as famous investor George Soros and the Rockefeller families are looking to invest heavily into cryptocurrencies with their venture firms. Definite signs of a bull market approaches, as tax season in North America passes. Price manipulation is also most likely in play, but traditional and cryptomarkets tend to fair poorly during Q1 and early Q2.

Halal, also spelled hallal or halaal, refers to what is permissible or lawful in traditional Islamic law.

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