Indeed but it's not just the Asics, crypto as whole being heavily under fire by the media and regulators and if you combine that with the instability of equity markets at the moment just magnifies the issue. Some might see crypto as a "currency" but as of right now it is just a trade able asset and as risk appetite is diminishing ATM cryptos are just falling along the trend with X10 volatility.

It is definitely a mistake to sell if you're at a loss and you believe in the market for the long term and this momentum will definitely separate the ones in pursuit for yield vs the ones who believe in Crypto. And you will also see how powerful are each group which by the significant loss in market cap well know how strong that crowd is.