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.
In this way you will lose nothing as long as you are holding your coins and sell them on a high market rate. But this happens when the value of coin is expected to increase that enables you to sell your coins and of course you will get your profit. As you have started with the crypto trading then you must be waiting to find out the price where you can get your profit by selling your coins.