It's up to each person what they do with their own investments, but if you have invested an amount which you can afford to lose (Not saying the market is doomed, but this is still the world of investment and one must be prepared for the possibility of a loss), then it really doesn't make any sense to panic sell at such a considerable loss. If you have invested far more than you can afford to lose, then I can see the other side of the argument.
But for most people, I say HODL and see how things turn out . Just my two cents