Bitcoin crash prompts suicide concerns

The cryptocurrency market is seeing angry shades of red this week.

On Tuesday, the 20 largest cryptocurrencies by market cap all fell by 4% to 10%, with ether, token of the smart contracts platform Ethereum, taking the biggest hit, down to about $250, its lowest price of 2018. Ether was above $1,200 in January.

By Wednesday morning, coins were rallying slightly. But volume remained low, a possible sign that coins have still not seen the worst of this correction.

The losses have some crypto believers in serious emotional distress. On Tuesday, one of the top posts on the popular bitcoin forum of Reddit was information for suicide prevention hotlines.

Yahoo Finance’s cryptocurrency heatmap on Aug. 14, 2018.

This has happened before: In January, Reddit users shared the same kind of posts after bitcoin plummeted from its December 2017 high of above $19,000 down to the $13,000 range, on its way to under $10,000.

Bitcoin is down 57% in 2018 so far, ether is down 67%, bitcoin cash (BCH) is down 80%, stellar lumens (XLM) is down 60%, and ripple (XRP) is down an eye-popping 87%.

The overall coin market has lost more than $600 billion in value in the last 8 months.

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