The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.
One should know that they have stopped us from converting cryptos into fiat.
Zebpay and other bitcoins wallets are fighting this decision already.
Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.
With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.
Just running could prove detrimental for bitcoins .
One should remember the fact that it's Not China ! They are not living in a dictator's rule and for the sake of bitcoins they need to stand up against this decision.
This actually didn't even affect the market that much. But there are still some traders will will panic.
As you said there is absolutely no need for panic selling. First, RBI hasn't banned bitcoin itself. Bitcoin trading is still legal. But exchanges' operations will likely be severely affected by this ban on banks dealing with crypto.
There will always be other routes apart from exchanges to cash out your bitcoins. Big bitcoin traders that already have a crypto stash will simply move to international exchanges. India's bitcoin volume isn't even that high compared to China's, and China's ban on exchanges did not affect the bullishness of the market at all. These are all short term worries that will be resolved sooner or later. Focus on the long term, don't let these news pieces affect your holding strategy.