Yeah, it can be a hard hit but honestly we should have seen this coming after weeks on end after the BTC halving event the market stays in the same place and only recently showing a small uptrend.

Now that the bull-ish run occurred almost for no significant reason, not that in crypto this means anything, the aftermath correction is happening now. I do think that even with so many coins underperforming greatly, the markets could look even worse, and from what I've seen in the couple of days there's some sluggish movements of recovery. And, lets not forget about the current global pandemic causing distress signal among the stock market...