How to Survive Crypto Winter without Stress and Depression

Crypto winter is near – and will it be long? That’s not certain. But we will need to take care of our mental health. How do we do that?

Crypto-winter is a common name for a prolonged period of persistently low quotes for most crypto-assets. Crypto winter seems to be coming, but it’s not the first – the market experienced one such period between January 2018 and December 2020. Accordingly, those who have safely survived crypto winter already understand how to act during this period.

To protect their mental health during a crypto winter, users do not need to consider digital currencies as their primary source of income.

Trading is not the only way to explore the world of digital currencies: you can create content, make Youtube videos, listen to podcasts, etc. But when a friend or relative shares their success in cryptocurrency trading, the user also feels the urge to do so. As a result, people start with miniature trading and then expand to make more substantial profits.

Discounts play a significant role in commerce. People are still often addicted to deals. For example, some people with wowessays promo codes say it bribes them to buy something they weren’t going to buy.

Given the volatility of crypto-assets and a market that operates 24/7, people need to monitor market movements to avoid losing money constantly. This can lead to sleep disturbance, fatigue, and increased anxiety and cause traders to fear failure.

The good news is that crypto addiction is avoidable, and crypto traders can control the stress and depression associated with cryptocurrency investing during the upcoming crypto-zine.

What is crypto addiction, and how can you avoid it?

You exhibit symptoms of crypto addiction when you continue to participate in crypto projects despite losing sleep, appetite, and money. In addition, you don’t realize that you need to stop because of the uncontrollable urge to constantly follow market movements and keep up with cryptocurrency news to make transactions.

It’s important to note that cryptocurrency is not addictive, but things can change when our brains get involved. Since you can always view your portfolios in real-time and access the intriguing content that is regularly provided on websites such as YouTube, it can be addictive.

Users are addicted if they spend a lot of time researching or trading cryptocurrency or monitoring charts. In addition, ineffective attempts to stop trading and increase risk without real strategy show signs of serious crypto addiction. Loss of interest in social interactions and other activities, stress, depression, mood swings, insomnia, and poor mental health are all symptoms of over-dependence on cryptocurrency in daily life. So, what ways to eliminate stress and depression in the crypto industry?

To end your crypto addiction and the stress and depression associated with it, remove cryptocurrency-related apps and distance yourself from any news that targets digital assets. Alternatively, limit the amount of money you invest in cryptocurrency and don’t consider it your primary source of income. Instead, look for other ways to make money in the crypto space.

All a person needs to do is develop skills related to their chosen profession. For example, suppose a user is interested in the field of Metaworld. In that case, they need to learn about technologies (such as Artificial Intelligence, the Internet of Things, virtual reality, augmented reality, etc.) that are used to create immersive worlds.

In addition, users can go to their favorite vacation spot, create a few activities with friends who are not interested in cryptocurrencies or join a new social group to recharge. Instead of keeping your problems and concerns to yourself, talk to other people about them. Sometimes telling someone, you trust about your issues helps you heal.

How do cryptocurrency losses affect mental well-being?

For some cryptocurrency traders, worrying highs and crushing lows can cause addiction and mental health issues such as sadness or anxiety. Even with an understanding of cryptocurrency investing, inexperienced crypto investors are susceptible to emotional pressure from losses. As a result, a person is more likely to develop loss aversion because they are more likely to suffer losses. Loss aversion argues that the harm of losing a good is greater than the utility of acquiring it.

In addition, the consequences of significant cryptocurrency losses can be more unpleasant. For example, compared to small losses that can be offset by short-term changes in consumption patterns or increases in working hours, losses of real wealth can only be offset over many years with positive returns in the cryptocurrency market.

Thus, when significant wealth losses go uncompensated for long periods, it begins to affect a person’s mental health. For example, one of the ten most valuable cryptocurrencies, Terra (LUNA) – now called Terra Classic (LUNC) – fell by more than 98% in one day, alarming crypto investors because they may have lost a significant amount of money without realizing the risk they were taking. Over time, the fears and failures of cryptocurrency investing caused by such large losses lead to stress and depression in those affected.

How to control emotions in cryptocurrency?

On emotion, the user often makes decisions contrary to logic. Nevertheless, trading cryptocurrencies can be enjoyable and profitable because that is how the human brain perceives them.

Cryptocurrency investing can also be blamed on FOMO and FUD, which increases the likelihood of irrational decisions. Therefore, controlling your emotions when investing in cryptocurrencies is necessary to reduce risk and prevent losing money.

The most crucial step in refusing to let your emotions affect you are asking yourself how buying cryptocurrency fits into your financial plan. Are you aware of the volatility of cryptocurrency markets and the risks associated with investing in digital currency? You could be losing money if you don’t know the answers to these questions.

It is also crucial to learn as much as possible about the cryptocurrencies you can buy and the technology on which they are based. Read the project’s white paper carefully, especially the section on tokenomics, and look for initiatives with active communities. Although they do not guarantee success, these things will help you understand the projects you are investing in and clarify the darker aspects of cryptocurrency.

Finding a platform or exchange that will help people achieve their goals based on their plan is something that avoids emotional decisions. In addition, the user should know their spending limit and stick to it; invest only what they can afford to lose because investing in cryptocurrency entails high risk. Once you have decided on a boundary, stick to it. Don’t increase your spending on a whim or because of FOMO.

Another practical protective step you can take is to set a limit order. For example, if the value of a cryptocurrency drops drastically, limited orders can protect the user from losses or help them make a profit. You can choose the lowest price to sell your digital currency with a fixed order.