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Cryptocurrency crash: how to avoid damage to the mental health of investors

Cryptocurrency investors are worried about the debts they are leaving (Photo: EP)
Cryptocurrency investors are worried about the debts they are leaving (Photo: EP)

history repeats itself: the economic crisis, or in this case the crisis due to the decline in the value of cryptocurrencies is making its investors have suicidal thoughts. Since 1822 there has been talk about the relationship between suicidal behavior and the economyso it’s not surprising that the trend is repeating itself by today’s standards.

On several occasions cryptocurrencies have registered descents in record timeFor example, bitcoin has come to trade below US$25,000 and its highest value has been above US$30,000. Although Bitcoin has had some improvements to date, not all cryptos have had the same luck.

Solana, Cardano, Ethereum and Luna have crashed and no one “kneads them” so that the blow does not hurt. As they continue to go against the sky, the Coinbase platform shows unfavorable results, with the CEO noting that in case of bankruptcy, investors will have difficulties in recouping their cryptocurrency investments.

Cryptocurrency investors are thinking of suicide (Photo: UNAM)
Cryptocurrency investors are thinking of suicide (Photo: UNAM)

Given the bleak outlook, those who have a large part of their money in cryptocurrencies are in crisis and have begun to show dangerous symptoms. In nineteenth-century France, the first study on the relationship of suicide with the performance of the economy and unfortunately in many times, where the stock market or economy has fallen, many have made the decision to take their own lives.

Unfortunately, this situation repeats itself, with the difference that they are now investors in technological currencies and that their suicidal comments have spread on Reddit. Modernity shows that only the context and the supports change, however, for people a situation of crisis and desolation is just as shocking. In the end, the human mind continues to distinguish itself and does not change in situations of potential risk.

According to the magazine British Journal of Psychiatrybetween 2008 and 2010 in Canada, the United States and Europe, about 10 thousand people took their lives as a result of economic cuts. indicates that there is three ways for people to be driven to these self-destructive thoughtsfirst, the Loss of workwhich is a risk factor for depression and suicide that is 2.5 times more frequent than in unemployed people.

User comments that "this is over" and regrets that the Luna cryptocurrency project has fallen so far and recommends taking out or selling all remaining investments (Photo: Screenshot/Reddit)
User comments that “this is over” and regrets that the Luna cryptocurrency project has fallen so much and recommends withdrawing or selling all remaining investments (Photo: Screenshot / Reddit)

The second is indebtednessas a result of unemployment. Third is the ddebt and unemployment that lead to foreclosures and evictions, which are associated with depression and anxiety disorders. Although cryptocurrency investors are not hypothetically losing a job, they would be suffering the consequences of running out of money, going into debt and not being able to recover.

Not long ago, with the fall of bitcoin, specialists from Genbeta They said that one of the influencing factors was destabilization of the ‘stablecoin’ (a cryptocurrency that is generally stable) TerraUSD, which was theoretically designed to be pegged to the US dollar.

However, the cryptocurrency has been trading at $0.22, and its founder, Do Kwon, is willing to sacrifice the token called Luna to save TerraUSD. Clearly that had a butterfly effect, as Luna fell up to 99% less. Its value went from US$120 to US$1 in a matter of hours.

All this has made crypto investors alert, forced to review the value of currencies all the time, as well as express their concern on the Internet. Through the Terra Luna subreddit, some users have said that they have lost up to 450 thousand dollars and that they could never pay the bank, so their only way out is suicide.

User said he lost $450,000 invested in crypto and now only suicide remains (Photo: Screenshot/Reddit)
User said he lost $450,000 invested in crypto and now only suicide remains (Photo: Screenshot/Reddit)
User shares the experience of a friend who attempted suicide after the cryptocurrency crash (Photo: Screenshot/Reddit)
User shares the experience of a friend who attempted suicide after the cryptocurrency crash (Photo: Screenshot/Reddit)

Due to the alarming messages, the moderators pinned a comment providing life helplines in more than 30 countries, remembering that there they can help them find a solution and listen to what they are going through. “I hope you know that you are not alone in this […] look out there and do not give up”, they said.

At the moment no suicide has been registered due to the fall of cryptocurrencies, however, the publications of the investor users have set off the alerts about the effects that they are causing.

It should be remembered that the cryptocurrency market is volatile, so economics specialists do not recommend investing in them. On the other hand, the Luna moderators said that they never advise investing more money than you have at the moment or even more than you could have in a whole year, as it could be very dangerous.

If you are worried about a person you know who is having a crisis or thinking about suicide you can look up the help number in the list of countries below or click on this link.

(Photo: Screenshot)
(Photo: Screenshot)
(Photo: Screenshot)
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