crypto trading

Cryptocurrency Addiction

Cryptocurrency trading often involves people buying cryptocurrencies and doing things commonly seen in stock trading such as selling, holding or involving one’s investment in opportunities such as instruments that provide a return on investment. Due to the low barrier for entry, most people are able to do above starting at minuscule amounts. Reports of high returns by many initial investors made many inexperienced investors join the crypto sphere. Many don’t initially recognise that they suffer from a cryptocurrency addiction.

As these investors joined together with bigger financial institutions, the strong price fluctuations inherent in the crypto world made people switch from leaping with joy to feeling intense anxiety in short periods of time. Those emotional responses led to investors buying much more than they could afford and selling too fast when things went south. Emotionally led behaviour made many take up loans in order to buy more cryptocurrencies whilst too often delusionally believing that they will soon be making a fortune.

Often people still loose money due to the market being unregulated. This lack of regulation causes people to not recognise that it can be easy to rig cryptocurrency prices. A theme like pump and dumps is common where people buy a currency early and then publicly advertise the currency. This increases demand until a target price is reached. If it is reached, the people that engaged in a prior purchase then sell the currency with a clear predetermined profit. Because of this many will look for a psychologist that is not only informed, but also a male therapist.

What It’s Like

Above only covers a small snippet of mental health related behaviour that surrounds the crypto world. The intensity of the crypto world can make users addicted to cryptocurrency trading, as emotionally intense activity with many ups- and downs can create an escapist reality so many with addictions want to go into. The problem with cryptocurrency addiction is that it is easy to engage in the addictive behaviour as the repercussions are less visible. An alcoholic will experience social repercussions if they get drunk in a meeting or in the bus, but making a quick trade over the phone is not visible. One also won’t get a hangover from trading too much.

Common effects from cryptocurrency trading addiction include having an excessive preoccupation with the subject whilst not experiencing much control over the urges to trade. Trades are also more likely to be emotionally driven instead of driven by a more dry trading methodology or approach. Often relationships can suffer because of this and many find it harder to connect with others due to the fostering of an impulsive mindset. Impulsivity in this context means that sufferers may experience an urge whilst not succumbing to it even if it creates difficulties in the long term. People that have experienced childhood trauma or have a genetic predisposition to experience mental distress are more likely to develop a cryptocurrency addiction.

Problems with noticing it

Being addicted to crypto trading can be hard to treat because psychotherapists need to understand the technology within the crypto sphere whilst being versed in understanding how this can relate to addictions. Many remote based therapists and psychotherapists in London have not have had much experience in this matter. Our network of carefully selected counsellors are able provide you with suitable support. Addiction counsellors in London and other relevant professionals that work with us are trained in treating anyone addicted to crypto. Anyone who tells us what their difficulties are will be matched for either in person therapy in London or for remote based counselling.

If you are looking for a suitable professional or have further questions you are welcome to connect with a therapist or contact us with any queries you may have.