Bitcoin is the world’s first decentralized digital currency and it's a revolution. Most of us in crypto believe in this technology until the markets crash. Cryptocurrencies like Bitcoin, Ethereum, and others have introduced new ways for people to interact with each other and transact without the intervention of banks or governments. Despite its advantages, crypto-anxiety can affect anyone who uses cryptocurrencies - including you!
Market Induced Anxiety & Stress
While the value of crypto is volatile, it can also be a big part of your life. If you’re invested heavily in cryptocurrency, you may find that fluctuations in the market cause stress and anxiety—even if they don’t impact you directly.
Crypto-related stress comes from a few different sources:
The volatility of cryptocurrencies themselves can cause people to make rash decisions or lose money due to fear that they won't have time to sell before prices drop further (or rise).
If someone else's financial situation is affected by cryptocurrency fluctuations, their mental health could also be impacted by these changes.
Even if an individual's finances aren't directly affected by changes in the market value of digital currencies, these fluctuations might make them feel like they're missing out on opportunities. Or experiencing other negative emotions related to losing control over their own lives; this also contributes to anxiety and depression symptoms.
Who’s affected by it?
If you’re reading this, you likely know someone who is affected by the rollercoaster of emotions that comes along with cryptocurrency. I know a ton of people who lost their life savings in Luna fiasco. The scale of the FTX crash is much worse involving big institutional investors & hedge funds. Whether it's yourself or a loved one, more than likely someone close to you has been affected by the volatility and bankruptcies of centralized entities. If you're not sure whether or not someone is affected by these things, ask yourself these questions:
Do I have any friends or family invested in crypto?
Are their portfolios going up and down like yo-yos every day?
Do they talk about it incessantly?
How can you fight it?
If you are suffering from a crisis due to the current market conditions, there are plenty of ways you can fight it. Talking about it is one of them.
- Talking to a friend or a family member could help you feel better and get your mind off the problem at hand. If they are understanding and supportive, they can be great sources of aid and encouragement along the way.
If talking isn't something that comes easily to you, try writing down your thoughts instead—it's often easier to express emotions through words when they're on paper rather than in person!
Also try focusing more on positive things going on in your life: listen to music that uplifts you; spend time with friends or family; take care of yourself by exercising regularly; treat yourself once in a while with something fun like a movie night at home or renting out an entire restaurant for dinner with just two people (no one else around). Whatever makes you happy & motivated!
Two types of people
There are two types of people: those who are affected by crypto, and those who aren’t. Those who don’t know they’re affected by crypto and may not even realize they have mental health issues (like depression or anxiety). There is also the case where someone knows they have a problem, but either doesn't know how to deal with it or refuses to acknowledge there's anything wrong in the first place.
The people who fall into this second category are often referred to as "bulls" in the industry because they're not only blindsided by their own emotions and actions when things go bad—they refuse to admit defeat until it's absolutely necessary. If you see someone like this on Twitter or Reddit ranting away about how everything is fine even though all signs point otherwise? You might want them checked out by someone qualified before things get worse than just being angry at yourself for making bad decisions with your money over something like cryptocurrency prices falling again (which will happen).
Save Yourself From Emotional Turmoil
Crypto is a volatile market, with prices fluctuating by thousands of dollars in a matter of minutes, hours, or days. This high level of volatility can have a negative impact on one's mental health as one worries about losing their money and feel anxious about potentially missing out on lucrative gains.
To take care of yourself, it is important to be aware of these effects and take steps to keep yourself mentally healthy.
After all, this is a nascent field. We’re still trying to figure out what the impact of cryptocurrency will be on our lives and how it will affect our future. It’s important that we understand what’s at stake here so we can make informed decisions about how to invest in crypto assets responsibly—or whether or not it’s even worth it for us in the first place.
Posted Using LeoFinance Beta