05 February 2023 , 18:19
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Traders caught up in buying and selling of cryptocurrencies are seeking help to cure what has become known as 'crypto addiction', it has been reported.
Experts said that people addicted to crypto trading face symptoms similar to other types of addictions, such as gambling and substance abuse.
Rehabilitation centres are including crypto addiction in their list of treatment options, as the volatile crypto market has spurred a trading frenzy.
People with the condition said they have been unable to set boundaries and struggle in their relationships with loved ones, as they might put "hundreds of thousands down on just one trade".
One man said his addiction caused him great anxiety, and that he went in a "downward spiral" before ending up seeking help at a luxury rehabilitation facility in Majorca, Spain.
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People reported going in a 'downward spiral' after getting caught up with crypto trading (scu)Don (not his real name) told the BBC: "I'd break into a sweat before going on long-haul flights, as I would not be able to access the internet."
He added that, before seeking help, he could find himself spending up to $200,000 (£164,700) every week into cryptocurrency trades.
Don's addiction would interrupt his sleep, and he would constantly keep his eye on the trading prices and his portfolio balance.
He finally worked towards his recovery by spending the vast sum of $300,000 (£248,000) to treat his addiction from the comfort of a sprawling rehabilitation centre located in the Balearics island.
There, Don spent a month living in a private villa blessed by the Mediterranean climate and was attended to by his own butler and chef.
His treatment comprised therapy but also massages, yoga and bike rides, all for the hefty bill of $75,000 (£62,000) a week.
The BBC reported that affluent traders would turn to mostly luxurious rehabilitation centres promising to treat crypto addiction, alongside other conditions.
Some facilities reportedly have received hundreds of related queries in the past two years.
Some rehabilitation clinics have added crypto addiction in their list of treatments (Rick Bowmer/AP/REX/Shutterstock)Anna Lembke, a psychiatry professor at Stanford University and chief of the Stanford Addiction Medicine Dual Diagnosis Clinic commented: "The treatment for crypto addiction is similar to other addictions.
"It's a biopsychosocial disease so it requires a biopsychosocial intervention: medications in some cases, individual and group psychotherapy, changing habits and environment, (or) implementing healthier replacement activities."
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Treatment for crypto addiction should begin with abstinence and managing withdrawal symptoms - which could include anxiety, irritability and insomnia, according to Ms Lembke.
She said: "No crypto trading or viewing for at least four weeks, which gives the brain a chance to reset reward pathways.
"The [withdrawal] symptoms are usually time-limited and can be managed with emotional support and reassurance that they will eventually go away."
Another woman, Jane, whose name has been changed, said she would go on "trading benders" that lasted several days.
This behaviour caused turbulence in her relationship with her partner, who thought she was having an affair.
She said: "The fact that I couldn't tell him what I was actually doing made it worse. Even though the truth is out now, our relationship never fully healed.
Jane said of her addiction: "In the beginning, I was only investing a couple of thousands, but by the end, I could put hundreds of thousands down on just one trade."