Social media network users are playing big brother roles as they seek to support one another. Indeed, this may not be right time to invest in cryptocurrency, many say. Well, at least not for a bullish enthusiast. For many crypto-asset investors out there, they may be having a hard time dealing with the continuous market downturn. Consequently, social media users are stepping in to support their own and spread awareness of suicide prevention.
Cryptocurrency Price Drop
As it is now, many people, who are not hodlers of digital coins, are wondering how whales would cope. Apart from countries suffering from uncommon economic crises, the price of Bitcoin (BTC) and altcoins continue to drop elsewhere. Truly, these downward turns are worrisome.
Today, BTC has hit a high around $6,600 from above $8,000 at the beginning of this month. Recall that in December, Bitcoin hit $20,000 on some crypto exchanges after reaching an all-time percentage increase of about 1,900%.
Reaction Of BTC Buyers
Well, the Bitcoin buyers responded positively to the market as they acquired more coins in the hopes of making huge profits. Sadly, in a matter of weeks, the price of Bitcoin collapsed, dashing the hopes of these bulls. For other BTC investors, their hopes weren’t only dashed, but they were also rekt.
Unfortunately, the price has maintained that negative trend, sliding almost every day. This year mirrors digital currency’s worst slump ever since its advent in 2009. Well, the price Bitcoin is trading today is same as the price it sat at in November 2017 just before the major bull run.
Pro-active Approach For Suicide Prevention
Consequently, social media network users are growing worried that bulls may be attempting a suicide mission. To forestall any cryptocurrency-motivated suicides, concerned people are sharing suicide-alert notes. One Twitter user @SilentWhstlBlwr took to her handle to share a “Suicide Prevention Helpline,” urging members to contact the phone numbers for help. Truly, this move has become critical as crypto analysts are warning that the storms are far from over yet.
Experts’ Opinions Vary
Many experts say that it will take some time for the market to recover. However, others believe that technology underpinning Bitcoin and altcoins means that chances of market recovery is high. A senior analyst on investment platform Investing.com, Clement Thibault, tells investors that a downturn cycle won’t be over anytime soon.
On the other hand, the CEO of BTC ATM operator Coinsource, Sheffield Clark, is rather worried about new investors. Clark said that though these market swings may be irregular, experienced whales understand the market. Plenty of money was invested in the market last year, and those investors will be hurting now, he added.
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