If you have not yet sold your coins, you have not yet lost, there is always a chance that the market will turn in your direction, but if you are desperate and sold the coin at a reduced price, then everything, you have a loss.
My friends also always told me about that. That is why i like trading more than gambling. Even sometime i play gambling games, trading make it different because i am not lose my assets if i am not cut loss it yet.
in general, of course they lost money, how much did the market go down? this is a natural thing, especially if you hold lots of assets. because of this, panic sell often happens. however, I prefer to hold assets rather than sell them.