Korean students are reportedly showing signs of cryptocurrency-linked stress, including insomnia and panic attacks, according to local reports. In the first half of 2018, some 360 South Korean students sought psychological aid due to concerns over their digital currency investments, according to a report by Korea University Hospital. This number is double the amount of students who sought help during the same period last year.
South Korea’s Ministry of Education recently released a statement that warns students against trading cryptocurrency for fear that they will miss their studies. The statement also notes that some students have reported losing money at crypto exchanges, and one even developed symptoms of addiction, according to a recent report by the Korea Herald .
Last week, a major story revealed that young Koreans working in cryptocurrency trading are being negatively affected by the stress of their jobs. An estimated 1.5 million Koreans have dabbled in cryptocurrency trading, with many working long hours and sacrificing sleep, family, and friends. The combination of sleep deprivation and trading stress has resulted in many people dealing with depression and insomnia. The report also examined the unique phenomenon of ‘Internet Gaming Disorder’, which is a mental condition where someone plays online games to the extent that it negatively affects the person’s life, much like gambling addiction.. Read more about crypto news today and let us know what you think.Blinded by the promise of fast cars, luxurious hotels and lots of dollar bills, young Koreans turned to crypto currency trading to get rich, but ended up getting just the opposite, reports local publication The Korea Times. Some of the country’s youth have turned to business in recent years, seeking better opportunities in the financial markets.
Crypto trading stress
A well-paid job remains a cherished dream for many, but beneath the twinkling lights of Seoul’s Hongdae district lies the bitter reality of a weak labor market, low overall economic growth and the influence of family-owned businesses, known as chaebol. Price display of crypto currency in Seoul, Korea. (Source: WSJ) But it turns out that retail has its own challenges, according to a local study. Stress, insomnia and other psychological issues are just some of the problems crypto-enthusiasts face when the notoriously volatile crypto market shows its fangs. The study, which surveyed 1,750 students last week and found that 23% are actively investing in cryptocurrencies, found that a whopping 68.3% of respondents noted some psychological side effects, with more than 33% saying they experienced sudden emotional highs and lows during price fluctuations. Some interviewees said they had trouble focusing on daily tasks like school and work, and some suspected (or were convinced) they were addicted to trading cryptocurrencies. Others reported difficulty maintaining a routine due to too much stress and even insomnia (a sleep disorder where one has difficulty falling asleep or staying asleep).
When asked why they started investing, 25% of respondents replied that the crypto currency market allowed them to start with small amounts of money (compared to traditional trading, which requires a relatively large initial capital). 52% of investors said they were generally positive about the growth of cryptocurrencies. 33% added high investment returns as an additional reason, 31% cited low barriers to entry and 15% said it could help overcome class hierarchies. Students invested an average of 1.41 million won ($1,200) and 75 percent of them said the money came from a part-time job. However, only 40 percent of them reported making a profit, while the rest reported being in the dreaded loss zone and losing an average of 740,000 won ($650). Meanwhile, most college investors said they only got into the crypto scene in the last three months, meaning most of them ended up buying top positions.
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Don’t tell this to the legions of Korean cryptocurrency investors who love to hodl during the day and trade coins through the night, but a recent survey by a Korean university has found that a majority of Korean students are skipping sleep in order to trade cryptocurrencies.. Read more about dogecoin news and let us know what you think.
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