While dramatic price swings of bitcoin and other cryptocurrencies are rattling the nerves of investors, a Moscow-based company has launched a hotline to help ease their anxiety over crypto market fluctuations.
Back in December, bitcoin smashed the all-time high of $20,000, but dropped below $6,000 earlier this week after a lengthy downtrend period. Such fluctuations are obviously a cause of huge stress for investors, especially those with little experience in cryptocurrencies, and potentially could even lead to mass suicides, psychologists claim.
A Moscow-based company, Blockchain Fund, which buys and stores cryptocurrency for clients, has opened a hotline just for these people.
“Some people are in a panic, they don’t understand what is happening. At first everything was so good in this market, and now it has faced such changes,” Elena Pikhovkina, a psychologist working on the hotline, told Life.ru.
According to Ms Pikhovkina, she already has experience working with people who have survived financial ruin, like those who lost a lot of money in 2014, when the Russian ruble dramatically lost its value against the US dollar and Euro.
“First of all, I will get acquainted with people in my work, listen to their stories and then give advice on how to calm down and recover. It is very important so that a person does not do anything stupid,” she explained.
Bitcoin wasn’t the only virtual currency to see red on exchanges recently. The value of most of the other altcoins also decreased quite substantially. However, at the time of writing, CoinMarketCap was showing improvement with the majority of top cryptocurrencies all in the green. At the moment bitcoin is trading around $8,660, with some experts saying the currency could reach the $50k mark come December.