I don't know why people got panic so easily. People are currently dumping massive coins in the market because of China's action to regulate Bitcoin. What do you think people should do instead of dumping their coins just like that in the market that lead to damage the value of bitcoin?
I think that only newbies are dumping their bitcoins due to panic.Its a regular reaction by newbies to such critical situations.But i think that most of others are just shorting by selling their bitcoins at today's price and they fully hope that bitcoin price would go down more so that they could once again buy more bitcoins at cheap price.They have clear knowledge that bitcoin price would rise after some time.This is not panic slling and this is termed as shorting.