Bitcoin latest: Russian company launches anxiety helpline for investors amid fluctuating markets

Chloe Chaplain
Bitcoin: A company in Russia has launched a helpline for investors: AFP/Getty Images

A Russian company has launched a hotline to help support investors suffering from Bitcoin anxiety due to fluctuating markets.

At the end of last year the cryptocurrency soared to an all-time high of $20,000 – but dropped back down below $6,000 this week.

There are concerns that the huge changes in the crypto market could spark severe stress for investors, and even lead to suicides.

To combat this Moscow-based company Blockchain Fund, which trades in cryptocurrency launched a new hotline.

Bitcoin: the cryptocurrency had remained relatively stable this week (Reuters)

“Some people are in a panic, they don’t understand what is happening. At first everything was so good in this market, and now it has faced such changes," Elena Pikhovkina, a psychologist working on the hotline, told Russian site Life.ru.

"First of all, I will get acquainted with people in my work, listen to their stories and then give advice on how to calm down and recover. It is very important so that a person does not do anything stupid," she explained.

The news comes after another volatile financial week which saw global stock markets slump twice.

On Thursday Wall Street shares plunged sharply for the second time with a week, with the Dow Jones Industrial Average falling by more than 1,000 points.

The slump was followed by a drop in Asian and European markets.

The drop is, in part, believed to be due to concerns over inflation rising quicker than expected which would spark increased interest rates.

Market: The markets dropped for a second time in a week (AP)

And on Thursday, before the second slump, the Bank of England appeared to agree with the predictions.

It left interest rates at 0.5 per cent but warned that a strengthening economy meant interest rates were likely to rise sooner and faster than the markets were expecting.

Despite the drops Bitcoin, which appears to only trace the global stocks some of the time, remained relatively stable.

On Friday it was trading near the $8,250 mark, after recovering by more than $2,000 earlier in the week.