Crypto winter and safeguarding your mental health  

LAGOS (CoinChapter.com) — It is no doubt that investors, traders, and cryptocurrency-related organizations are suffering from the effect of the current market rout.

The downturn has caused many people to lose their investments, jobs, home, savings, and other valuables. Thes financial repercussions are wreaking havoc on individuals and crypto institutions alike.

As a result of the losses many investors are stuck with the question ‘What Next?’ Many traders have incurred debt and are left stranded after their funds were liquidated in a matter of days.

Justice Nwafor, a mass communication student in Nigeria, got into crypto early last year after seeing his friends make money. He began after watching tutorials online and even made enough to dream about quitting his part-time job and trading full-time.

This early success unfortunately gave him the confidence to secure loans to boost his trades. However, this move backfired after he initially lost a major chunk of his portfolio following Terra’s collapse in May. His woes didn’t end there as over 50% of his investment was also liquidated alongside the downfall witnessed across the crypto industry.

Like Justice, several other crypto-traders have also shared their unpleasant tales of woe on different social media platforms. And interestingly the singular binding factor in all of these stories is that the current crash is taking a toll on the health of crypto traders.

The plunge in cryptocurrency values has sent many consumers spiraling into dark mental health holes. Many are currently battling depression while others are even contemplating suicide as a result of financial damage incurred from the decline.

How To Protect Your Mental health During This Crypto Crash

It has been established that having financial problems can increase depression. And when you are depressed, it can be incredibly challenging to focus on taking the necessary steps toward solving your problems.

Notably, it is imperative that in this period of financial difficulty caused by the current decline of digital assets traders feeling devastated should consider seeking necessary support.

Firstly, the symptoms of depression can include:

• low self-esteem
• changes or disruptions in sleep
• less interest in things you used to enjoy
• fatigue
• feelings of hopelessness
• loss of appetite
• increased anxiety
• irritability
• suicidal thoughts

If you are experiencing any of the aforementioned symptoms it is important to remain calm and strategist. Learning stress relief techniques can also be useful in such situations, to calm yourself so you can think clearly.

Peter Klein, a cognitive-behavioral psychotherapist who offers CBT for cryptocurrency-related mental health issues also urged consumers to remain calm. He warned that the crash will cause an increase in the severity of the crypto addiction symptoms that people are experiencing.

Furthermore, consumers hit severely by the crash should also seek professional assistance. So, if you feel that the stress of your financial situation is too much for you to handle, it’s important to ask for help.

Dan Field, clinical supervisor of the UCLA Gambling Studies Program also corroborated the need to seek help if feeling depressed. He pointed out that research on mental health and treatment programs such as ‘Swiss rehab clinic’ now exist globally.

“Many struggles with the emotional swings they feel from trading in the highly volatile market — the thrill when prices skyrocket and then the sudden despair when things go south.”

Field said.

Remain Calm Crypto Will Pick Back Up, Community Says

Meanwhile, experts have also called for calm regarding the crash, saying crypto will eventually bounce back as it always does. Adam Smith, an investor and creator of the advice forum The Crypto Advisor, urged people to remain calm and HODL.

“The near future for Bitcoin, and the crypto market as a whole, is likely to continue to be turbulent while a number of global and regulatory decisions remain unresolved.”

Smith said.

Kyle chasse alongside the majority of the crypto industry expressed optimism that the value of digital assets will rally soon.