My Coping Strategy for Bitcoin Price Crash

[Davidvictorson]

There's no gainsaying that there's panic everywhere. Some people have likened the 2022 Bitcoin and crypto market crash to watching their house getting burnt down. And at this moment, it doesn't matter whether you invested $100 or $1000 in the market, everyone is feeling the heat. Today, I woke up feeling sober. I was thinking deeply about how much stress, anxiety, depression, and the toll the recent market crash has on the mental health of those who in the crypto community. I also thought about what strategies people are using to cope with the loss.

For me, practicing gratitude is my number one go-to-coping strategy. So, every morning, I look in the mirror and say aloud three(3) things that I am most grateful for.

Today 12th May 2022, I am most grateful for:

1- The gift of Life: So long as I am alive, I have hope for recovery, regardless of how much I lost.

2- Family: I have received so much love and support from them in past few days.

3- Roof over my head: I have lost so much but at least, I still have a roof over my head.

What are your strategies for coping with the Bitcoin and crypto market crash?

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[Lucius]

The problem for some people is that they have become too exposed to the volatility that exists in the crypto market, and in other words it means that they have invested much more than they are willing to lose. For someone who has 100% of their savings invested in Bitcoin or any altcoins, such moments are without a doubt a real tragedy, although it is an even greater tragedy if they sell everything they have and thus make a real loss.

What are your strategies for coping with the Bitcoin and crypto market crash?

My strategy is to be fully aware that I can lose everything at any moment, and when something bad happens it doesn’t affect me like you or some other people. This is not the first or last time something like this has happened, and it would be good for people to learn something from it all. The things you mentioned are really much more important in life than the price of Bitcoin, which will soar again in the future. We may have to wait for that until the next halving, it may happen sooner - but the fact is that after every similar situation Bitcoin will be even stronger.

[DaveF]

When things like this happen it's easy to spot those that got into BTC / crypto as a way of commerce vs those who got into BTC / crypto  for a way to invest for their future vs those who saw it as magical internet money and a way to get rich.

As of now we are not even CLOSE to the largest % price drops.
We may or may not get to them
I'll keep buying.

-Dave

[davis196]

We are born with nothing and we will die with nothing.
Material possessions,money and financial assets are temporary.They just come and go.One day you have them and the other day they are gone.Unfortunately,we live in a system,where money and financial assets determine our social status and our artificial value as human beings.
A buddhist monk once told me "Life is like the stock market.There are ups and downs" I guess that we have to embrace the downs,not just the ups.The bad times are an opportunity,not a reason for pointless drama.
The panic on the crypto markets will come and go.We just have to HODL and wait for the panic to go away.

[tbct_mt2]

It is best if you have long term strategic investment and if you can turn off Internet, it is good too.

Sometimes, it is impossible to control emotion so if you connect to the Internet and see price crash, you can not control your fingers. You can also get headache and heart attacks in worst time. I don't want anyone to get health issues because failure in investment but it is what traders and speculators have to carry in their lives.

Bitcoin is good one for investment, deflationary, decentralized and you have your keys to protect your coins. Nobody can seize your bitcoin it they can not have access to your wallet or your account on exchanges; or can freeze your Bitcoin in your wallet (non custodial wallet)

[BitcoinPanther]

Learning from the History of Bitcoin and understanding what is in it.  This will pacify all the doubt and worries of any holders, why?  Because if we learn and understand the Bitcoin market, we will be aware that after this crashes, series of Bitcoin ATH awaits.

[mk4]

What are your strategies for coping with the Bitcoin and crypto market crash?

Nothing. After being in this industry for 6 years, you simply just get so accustomed to being down by huge percentages. The only difference is that I'd be spending far less money on useless crap, and start deploying more money to the markets.

[Rruchi man]

What are your strategies for coping with the Bitcoin and crypto market crash?

If you are new to the crypto environment, one can easily get affected mentally during times like this where the market crashes. One thought to console self with is that - "you are not alone", the market situation is in no way a fault of yours or a result of your actions, so you don't have to get depressed about it. You are not the only one being affected, so you have to be strong. Worrying about something you cannot change is futile.

Your strategy at this point is to take calculated actions to try and mitigate the losses for the now. It is a temporary market situation and that should give you hope as well.

[Davidvictorson]

What are your strategies for coping with the Bitcoin and crypto market crash?

Nothing. After being in this industry for 6 years, you simply just get so accustomed to being down by huge percentages. The only difference is that I'd be spending far less money on useless crap, and start deploying more money to the markets.

I agree with you. As you garner more experience in the market, you grow thicker skin such that when the market plummets you don't even bat an eyelid . However, I am still curious to know how were able to deal with the emotions you felt at the time when you experienced your first bitcoin/ crypto market crash?

[kaya11]

There's no gainsaying that there's panic everywhere. Some people have likened the 2022 Bitcoin and crypto market crash to watching their house getting burnt down. And at this moment, it doesn't matter whether you invested $100 or $1000 in the market, everyone is feeling the heat. Today, I woke up feeling sober. I was thinking deeply about how much stress, anxiety, depression, and the toll the recent market crash has on the mental health of those who in the crypto community. I also thought about what strategies people are using to cope with the loss.

For me, practicing gratitude is my number one go-to-coping strategy. So, every morning, I look in the mirror and say aloud three(3) things that I am most grateful for.

Today 12th May 2022, I am most grateful for:

1- The gift of Life: So long as I am alive, I have hope for recovery, regardless of how much I lost.

2- Family: I have received so much love and support from them in past few days.

3- Roof over my head: I have lost so much but at least, I still have a roof over my head.

What are your strategies for coping with the Bitcoin and crypto market crash?

We will keep fighting until we are dead, this market crash is nothing to what we have experienced, we can still hope for a brighter future while we are still breathing.

I am very thankful to have a wonderful family, they support me in times of lost, not just in times of ease. You know sometimes you can really see who are the people that loves you the most when yo are in distressed.

A nice and humble home is enough, if there are more to come why not. There are people around the world that doesn't have a home to live in. Good thing I am not only into Crypto currencies, we have our own real jobs and thankfully we are in still good standing. So keep on holding if you can still manage to eat out of your daily incomes.

[virtualdn]

I don't need any coping strategies. I simply know Bitcoin's potential in the long run. I'm not a "live for the moment" kind of person. I look into the future and BTC is the future of money. Easy peasy.

[fiulpro]

Did you cash out ?
If you did not cash out, you have not lost is what I believe, in the morning when I woke up it was around -10% and then right now it's around -7% which means that there is still hope! Bitcoin is definitely showing signs of crash some people are also saying it's *price correction* but I do think it's just few factors which we will get over soon enough.
1. Fed rates increase
2. Stock sell off
3. Extreme inflation
We have already learned how it is not easy to wait but if you are patience then at the end of the day you would be able to navigate through the whole market. Trading is also the option as well but it's better to hold and wait and resist selling.

[masterrex]

IMO, I believe this kind of situation is always happening in the crypto market, and because it was repeatedly occurring at any given time, that's why it's not new to many crypto users and investors but for those novice users and investors it's a big deal, and im sure they are already in panicked mode, while some are selling at a loss, But base on my experience this market crashed is not so severe compared before that's why I believe the market will recover again so Bitcoin holders must stay strong and don't give up just hold I'm sure it will recover soon.

Anyway, the best strategy to cope with this so-called market crash is to continue believing in the crypto industry, particularly in Bitcoin because it already happened before and in the end, the result was still the same. Bitcoin will always recover with flying colors.

[speedy963]

Whatever type of investor you are, when you see red you will not feel good. Specially when the negative out put is so much. I can't even imagine how those people that invested on top are feeling right now, let alone those that do leveraged trading and have had their positions liquidated. And while we're at it, let us also think how awful those people that have used money that they could not afford to lose and really lost it must be feeling right now.

No wise or great quotes out there would be able to erase the pain, the self blame and disappointment that most are currently experiencing in a bearish season such as this one. But yes, there are ways to reduce these negative feelings making what you mentioned a part of those ways. Another one of them is acceptance which makes grief pass faster. Of course, this is only true to myself and may not work for everyone since not everyone are having the same experiences as the other. Heck, there may be some people that have lost everything.

[verita1]

Thanks OP for sharing your strategies.
Without a doubt we are all experiencing distressing moments due to the surprise crypto market crash.
Staying calm and thanking God for the opportunity to fight for a new day is paramount with the ideal that after the storm comes calm.
It's been frustrating the last few days but thanks to our community all together we will get ahead.
When I remember the uncertainty caused by the pandemic that paralyzed all the markets, it makes me convince that bitcoin will have a new ATH and we will forget this bad moment.

[vfCM]

My thoughts and best wishes to those feeling the pain right now.

It's yin and yang. To everything there is a season.

https://www.youtube.com/watch?v=3eG_O1wEJ40

[hatshepsut93]

The people who are panicking are the newbies - those who entered in 2020-2021, don't have experience with investing in general, encounter bear market for the first time in their lives. People who have been holding Bitcoin for many years and witnessed at least one full market cycle mostly don't care. Some have sold when the price was high and are now buying, others never sold and just keep HODLing and will do it for many more years.

[Finestream]

There's no gainsaying that there's panic everywhere. Some people have likened the 2022 Bitcoin and crypto market crash to watching their house getting burnt down. And at this moment, it doesn't matter whether you invested $100 or $1000 in the market, everyone is feeling the heat. Today, I woke up feeling sober. I was thinking deeply about how much stress, anxiety, depression, and the toll the recent market crash has on the mental health of those who in the crypto community. I also thought about what strategies people are using to cope with the loss.

For me, practicing gratitude is my number one go-to-coping strategy. So, every morning, I look in the mirror and say aloud three(3) things that I am most grateful for.

Today 12th May 2022, I am most grateful for:

1- The gift of Life: So long as I am alive, I have hope for recovery, regardless of how much I lost.

2- Family: I have received so much love and support from them in past few days.

3- Roof over my head: I have lost so much but at least, I still have a roof over my head.

What are your strategies for coping with the Bitcoin and crypto market crash?

I just always think that this is not going to last and soon, the market will turn into bullish again. I've been here in the market for years so i know that this is going to happen, and i'm actually prepared for it. But for you OP who's into feeling stressed and depressed, just take a break first. And always think of the things that you should be thankful whether you win or lose in crypto.

[AmoreJaz]

Thanks OP for sharing your strategies.
Without a doubt we are all experiencing distressing moments due to the surprise crypto market crash.
Staying calm and thanking God for the opportunity to fight for a new day is paramount with the ideal that after the storm comes calm.
It's been frustrating the last few days but thanks to our community all together we will get ahead.
When I remember the uncertainty caused by the pandemic that paralyzed all the markets, it makes me convince that bitcoin will have a new ATH and we will forget this bad moment.

what the OP presented is more than enough to remind ourselves to keep on surviving no matter what the obstacles or pain we are experiencing right now. there's hope as long as we are alive. we may lose our savings or any other material things, but those can be replaced in time. just remember, it is not the reason why we exist. we have other people that are relying on us, so don't feel so bad, because you have other good things to be grateful for.

[Kasabus]

When things like this happen it's easy to spot those that got into BTC / crypto as a way of commerce vs those who got into BTC / crypto  for a way to invest for their future vs those who saw it as magical internet money and a way to get rich.

As of now we are not even CLOSE to the largest % price drops.
We may or may not get to them
I'll keep buying.

-Dave

I believe only the strong hands will be able to survive this time and those who keep taking the advantage will always make profits in the end. The market crash may stay for long, and for some of us, its a great start to buy bitcoin and all those coins with high potentials, but for others this may mean the end of their crypto career. But always know that we will not lose if we won't sell this time, so just keep the patience and stay strong.  Crypto is something you can't expect to always on the rise, its has its own high and lows like any other real life life investments.