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9 Feb, 2018 11:25

Crypto anxiety: Bitcoin addict hotline opens in Moscow

Crypto anxiety: Bitcoin addict hotline opens in Moscow

The violent price swings of bitcoin and other cryptocurrencies is 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 an all-time high of $20,000, but then dropped below $6,000 this week. This is a huge cause of stress for miners and investors in cryptocurrencies that 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 for them.

“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.

"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.

According to the expert, she already has experience working with people who have survived financial ruin. For example, those who lost a lot of money in 2014, when the euro and dollar rates against the ruble jumped dramatically.

Bitcoin was losing about 2 percent on Friday, trading near the $8,250 mark. The world's most popular virtual currency has recovered by more than $2,000 from the lows seen earlier this week. But it is still 60 percent below its record high.

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