People are selling in panic because they are not prepared for this if they are new and often they spending money they can't afford to lose. They think about profit and don't considering the fact that price can go down.
Only people who are experienced in the field of cryptocurrencies can deal with the problem of the market going down drastically. Because if they predict from the technical and fundamental side. They can still take profits even if the coin price drops. Those who are experienced will definitely make a profit by placing a short long.