Crypto community is seriously concerned about crypto investors mental health and potential suicide backlash among their ranks caused by cryptos price plunge. Users posted suicide helpline numbers and provided links for the US Suicide Hotline and the National Alliance on Mental Illness on popular cryptocurrency forums.
‘If you feel you might be suicidal, and live in the United States, I urge you to call the Suicide Hotline at 800-273-8255 or navigate to for a live chat and additional resources,’ one post reads.
On Tuesday, bitcoin price dipped below $6,000. It has not hit that level since the end of June and, before that, November 2017. Other cryptocurrencies were also suffering from a sell-off as Ethereum and Litecoin both sunk to near-11 month lows. So far in 2018, Bitcoin is down 57 per cent, ether is down 67 per cent, Bitcoin Cash is down 80 per cent, and Ripple is down a massive 87 per cent.
Some experts believe that intraday trading volume of $ 14 billion will “keep the bottom,” but would not allow increase. Traders are still waiting for the fundamental signals — SEC decisions on the ETF fund and currency crisis recession.
Hussein Sayed, FXTM’s Chief Market Strategist, said: ’If an ETF doesn’t see the light in the coming weeks, expect to see a further selloff, as it suggests regulators will continue to fight against bringing cryptocurrencies into the mainstream. A break below $5,770 will intensify selling pressure as it’s the only major support still standing.’