The financial information website Safe Trade Binary Options has confirmed a worrying connection between recent volatility in the cryptocurrency market and suicide rates.
According to World Health Organization (WHO) estimates, around 700,000 take their own life each year. However, increasingly volatile cryptocurrency values, with higher highs and lower lows, since the onset of the pandemic are now being tied to a growing number of suicide related deaths.
Safe Trade Binary Options has made a connection between crypto turbulence and a spike in reported suicides. Researcher Saqib Iqbal commented, “It’s no secret that cryptocurrencies have grown in popularity in recent years, particularly among the younger population. However, volatility has also grown hugely. The fight between the bulls and bears has lured in new investors with a promise of greater wins but has also resulted in painful losses, which our research suggests has had a direct impact on the number of people who have taken their own life.
“The crypto market’s higher degree of volatility attracts individuals trying to make quick money, making cryptocurrencies a riskier investment alternative than more traditional avenues such as the stock market. We suspect that the greater degree of financial pressure that many households are feeling right now is exacerbating that risk and causing a much graver outcome.”
During the course of its research, Safe Trade Binary Options discovered numerous instances of anecdotal and media-reported suicides which directly linked to financial losses as a result of crypto investment. Amongst the examples it uncovered was a March 2021 murder suicide which saw a Turkish man kill his two children and wife before committing suicide.
In January 2021, a Chinese couple committed suicide after killing their daughter because the husband lost a large sum of money while investing in Bitcoin. However, the husband was rescued.
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