This week, chaos broke out across the crypto market leaving investors in LUNA with extreme losses. Horror stories are beginning to spread regarding the aftermath. Specifically, there have been widespread reports of suicide related to the crash. As such, we wanted to take a break from our normally scheduled content to put a spotlight on the importance of Mental Health Awareness Month, and provide some resources on how you or a loved on can get help if you or they have been impacted.
The 99.99% LUNA Downward Spiral
It is brutally ironic that LUNA investors were labeled as “lunatics.” Wikipedia defines a lunatic as an “antiquated term referring to a person who is seen as mentally ill, dangerous, foolish, or crazy.” Sadly, many investors who affectionately referred to themselves as such are feeling exactly as described.
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The crypto project was involved in an orchestrated attack to destroy the peg of its related algorithmically-backed stablecoin UST. The substantial depegging caused the liquidation of assets, panic across the crypto market, and a cascading effect where Bitcoin and altcoins were left decimated.
When the dust settled, LUNA fell to zero. The month prior, it was trading at more than $100 per coin. This represents a full 99.99% fall from grace. Many investors might have abandoned ship on the way down, which helped force prices down further with them, but many others went down completely with said ship.
The chart is painful to look at even if you weren't holding LUNA | Source: LUNAUSD on TradingView.com
How To Get Help Before Turning To Self Harm
One example of a well-known crypto influencer buying the dip, left him with more than $2.9 million in public losses – losses they shrugged off with a laughing emoji. Others are handling the situation much worse, and horribly, turning to self-harm and suicide.
Suicide is never the answer. The feeling of loss is understandably immense. Much like markets reach a bottom, so do people. When you’ve reached what feels like your lowest point possible, ultimately that is when things begin to look up again. When the only direction is up, losses begin to turn to gain. Slowly at first, but like any trend, momentum builds and soon you will be on top again.
The loss you might feel, is the same feeling of loss those who love you will feel. Even worse – because your loss was monetary; their loss is human life. No amount of crypto, cash, or anything is worth exchanging for your existence.
If you happen to be feeling this way, there are alternatives and resources you need to consider first. For example, in the United States you can call 1-800-273-8255 24/7, or visit: https://suicidepreventionlifeline.org/
A full list of suicide crisis hotlines by country can be found here: https://en.wikipedia.org/wiki/List_of_suicide_crisis_lines
Man bought the dip and lost ? pic.twitter.com/egkE1ObM6Z
— KSICRYPTO (@ksicrypto) May 12, 2022
Why Crypto Investors Should Care About Mental Health Awareness Month
The month of May is Mental Health Awareness Month, and in the post-pandemic world, mental health is becoming an ever important topic that needs to be discussed and addressed. You are not alone. The World Health Organization reports that at least 3.8% of the population is depressed. Many more don’t know it, and more yet don’t want to admit it.
Related Reading | Dark Tetrad: Study Shows Crypto Investors Have The Worst Personality Traits
Recently, Bitcoinist covered a report outlining how crypto investors are more likely to exhibit the “Dark tetrad” of personality traits. These traits include a high level of risk taking, psychopathy, and of course, things like depression, suicide, and self harm.
Everyone has a touch of these qualities, whether we like it or not. Having such traits doesn’t make you a bad person, nor does experiencing periods of negative mental health. Consider this the next time you are feeling down, at a loss, or thinking about causing yourself harm. There is always a better way.
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Featured image from iStockPhoto, Charts from TradingView.com