It’s no secret that the crypto markets can be incredibly volatile. When the markets are constantly moving up and down, keeping our emotions in check can be difficult. The volatility in crypto markets is also causing a lot of stress for investors, especially those who invested more money than they can afford to lose.
This blog post will discuss how crypto volatility can affect our mental health and provide ways to cope with it to help address this ongoing problem.
The Impact of Crypto Volatility on Mental Health
When the markets are volatile, it’s not just our portfolios that take a hit—our mental health does, too. Studies have shown that financial stress can lead to anxiety, depression, and even suicide. However, all hope is not lost; you can still get the funds you need for emergencies.
One thing you can do is to request a loan from digital lending institutions like MoneyAsap, where you have access to numerous lenders who work with borrowers of various credit backgrounds and scores.
Please pay attention to your mental health as it is of great concern nowadays. With the rise of social media and the 24-hour news cycle, it’s easy to feel like we’re constantly bombarded with bad news. Now, with the volatile crypto market, it’s easy to feel like our financial wellbeing is constantly at risk. We’ve all heard stories about people losing everything in the stock market crash of 1929. However, imagine if you stored your entire life savings in Bitcoin? One bad day could wipe out your life savings.
For those with mental conditions that are already struggling to cope with daily life, the added stress of watching their life savings disappear could be too much to handle. While we’re uncertain about how digital currency fluctuations affect us in the long term, it is clear that they can cause stress and anxiety in the short term.
For many people, the constant ups and downs of the market can be overwhelming, leading to feelings of uncertainty and insecurity. It could also affect our ability to focus and stay productive. For others, the anxiety and stress of worrying about our investments have started to impact our sleep and eating habits. In severe cases, crypto volatility can trigger panic attacks and other mental illnesses.
It’s important to remember that we’re not alone in this—millions of other people are experiencing the same thing. So, if someone close to you is struggling with their mental health, check in on them often during these volatile times. If you’re struggling, don’t be afraid to seek help from a professional.
How to Cope with Crypto Volatility
Cryptocurrency volatility is inevitable and something to remember before investing in this space. When the tides are not in your favor, here are some ways to keep yourself from hitting the proverbial rock bottom.
Talk to someone who understands.
Speak with someone who understands the markets and can offer support. If you don’t have anyone in your life that fits this description, there are plenty of online communities where you can find help.
Create a routine.
When the markets are volatile, it can be helpful to create a daily routine and stick to it to help you gain more control of your life and reduce some of the stress you’re feeling.
Taking breaks from watching the markets and checking your portfolio is critical, which can be difficult. Still, you can set up alerts for when there are significant price changes in your assets rather than checking them every hour. Take the time to relax from studying the markets so volatile markets don’t take a toll on your mental wellbeing.
Focus on other things.
Pay attention to other aspects of your life and hobbies that you enjoy. Doing this will help take your mind off the markets and give you much-needed relief from the stress.
Remember that cryptocurrency is a long-term investment.
If you think of crypto as a long-term investment, remember that volatility is just part of the game and that crypto prices constantly fluctuate. Don’t make any rash decisions and sell everything you have just because the markets are down. This is a temporary setback, and the markets will recover.
Only invest what you’re willing to lose.
Aside from doing your due diligence and researching the coins you want to invest in, you should also limit the amount to what you can afford to lose and stick to it. Doing this will minimize the potential for financial losses to impact your mental health.
There’s no question that crypto volatility can take a toll on your mental health, and this impact is an important issue that you should not ignore. After all, when the value of your investments is constantly changing, it can be hard to stay calm and rational.
The stress of volatile markets can be even more challenging to deal with if you have an existing mental condition. That’s why it’s essential to take the necessary steps to protect your mental health during market volatility. You should also seek professional help to help manage your anxiety and take control of your financial future.
Harrison has been a freelance financial reporter for the past 6 years. He knows the major trends in the financial world. Jones’ experience and useful tips help people manage their budgets wisely.