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KOHENOOR KEN
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BTC is just 20% down from ATH and ALTs just around 50%. 😁 No interest in the top gems even at an RSI of 20. If we look at the most blown up of gems, MATIC and SOL rank among the most brilliant laggards. BNB remained strong but is shaky now. XRP, ADA, SOL, MATIC etc. are beating the hell out of holders. Where's the community support for them? KEN predicted a significant fall for ALTs after ETF but the decline is prevailing around at an unimaginable pace! Everyone seems to be selling out? 🤔

BTC is just 20% down from ATH and ALTs just around 50%. 😁

No interest in the top gems even at an RSI of 20. If we look at the most blown up of gems, MATIC and SOL rank among the most brilliant laggards. BNB remained strong but is shaky now. XRP, ADA, SOL, MATIC etc. are beating the hell out of holders. Where's the community support for them? KEN predicted a significant fall for ALTs after ETF but the decline is prevailing around at an unimaginable pace!

Everyone seems to be selling out? 🤔

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There is confusion regarding cryptocurrencies and whether trading them is permissible in Islamic Shariah or not! We are a Mudharba based company and have access to multiple sources for getting the most authentic verdicts and research oriented opinions of scholars. References may be provided if someone needs. Based on that we respond to the two basic queries as follows: 1. Blockchain based Cryptocurrencies with DeFi as the base model to govern them is thoroughly permissible in Islam. Like all technologies, it is the use that defines the ends and not the technology itself. The decentralized model is rather preferred by Islam. There are dozens of verdicts (فتاویٰ) available on web including one from the Senior Saudi Jurist that cryptocurrencies as well as trading them in spot, with or without a broker, is permissible. 2. Trading in the spot markets is permissible whereas on leverage, the opinions are slightly different. The popular opinion rejects trading in margins and futures declaring both prohibited based on the ground that the two violate the fundamental principles. One is the principle of ownership prior to selling and the other is of course Riba-free trading. The less popular opinion upholds that the rules of the game in cryptocurrencies differ from stock exchanges and money markets. The rules that are applied to fiats cannot be applied to digital assets. As long as the interest (Riba) is not explicitly involved in financing for margins and futures, none can declare such trading as prohibited. The group of jurists upholds spot trading but dislikes margins and futures instead of tagging them as prohibited. #Islamic
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