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  6. Cryptocurrency Trading And Associated Mental Health Factors: A Scoping Review

Cryptocurrency Trading and Associated Mental Health Factors: A Scoping Review

Lakshit Jain1, Luis Velez-Figueroa1, Surya Karlapati2

  • 1University of Connecticut Health Center, Farmington, CT, USA.

Journal of Primary Care & Community Health
|February 14, 2025

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View abstract on PubMed

Summary
This summary is machine-generated.

Cryptocurrency trading shares psychological risks with gambling, leading to addiction-like behaviors and distress. Early interventions are crucial to manage these risks and support traders' mental well-being.

Area of Science:

  • Psychology
  • Behavioral Economics
  • Mental Health Research

Background:

  • Cryptocurrency trading exhibits gambling-like characteristics, posing significant psychological challenges to traders.
  • The increasing mainstream adoption of cryptocurrency necessitates understanding its psychological impacts.

Purpose of the Study:

  • To synthesize empirical evidence on emotional, cognitive, and social influences on cryptocurrency traders.
  • To identify mental health traits associated with cryptocurrency trading behaviors.

Main Methods:

  • Adherence to PRISMA-ScR guidelines for a scoping review.
  • Inclusion of 13 studies with 11,177 participants across multiple countries.
  • Comprehensive literature search across major databases (PubMed, Web of Science, Embase, Scopus) up to October 2024.
Keywords:
addictioncryptocurrency tradingherd behaviormental health

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Main Results:

  • Observed addiction-like behaviors and compulsive trading, even with financial losses.
  • Significant influence of social media on herd behavior and impulsive decisions.
  • Link between market volatility, risk, and psychological distress (anxiety, depression).
  • Prevalence of cognitive biases such as overconfidence, confirmation bias, and disposition effect.

Conclusions:

  • Shared psychological traits with gambling necessitate early interventions to prevent pathological trading.
  • Tools like the Problematic Cryptocurrency Trading Scale can aid in identifying risky behaviors.
  • Further research is vital for developing support systems and policies for trader mental well-being.
problematic use
psychiatry
social media