Several people panic selling their assets because of the continuos price fall of their coin. I think it is better than to lose big in the long run. Some may still hodl their coins hoping for a comeback in its price in the future market. But neither ways are better if you have the risk.
besides, there may be other reasons why they can panic selling the coins they have held so far, that is because most of them need money in the current economic situation, because as we know the world economy has largely been weakened and some of them certainly many need money to meet their daily needs
Then that is not panic selling, right?
Panic selling is when people are not thinking straight what to do and just sell since they think they would be missing the chance of selling at a higher price. When they will be selling cryptocurrencies or other investments since they need it, then they are doing the normal thing an investor would do in a normal day, right? Trade.