Wait, who's panicking? The usual clickbaity articles all over the internet? Lol. The entire market is in the red, so it's not like it's solely Bitcoin's problem. Everything will bounce back like they always do. It's currently speculated that the hashrate slide caused this, and if it's true, then it's completely a non-issue; it was from a knee-jerk reaction from Chinese miners.
Clickbait articles really make people panic, especially crypto traders who are still beginners and don't even know the history of bitcoin. Conditions like this indeed make everyone panic about their assets, but according to people who have long been in crypto, maybe conditions like this are a condition of gold that can benefit them.