The market has been through this kind of situation so I wonder why there are still people who can't deal with it. They still fear it instead of celebrating because they could purchase potential coins at a lower price which is a good preparation so when the market recovers, they will gain huge profits. It's the perfect application of buy low and selling high.
The reason there's so much fear in the market is because of lack of experience. While the market has been through this bear times before, most investors haven't and that's because they usually come in during the bull market when everything is looking positive.
So many investors bought at the top as they were expecting more upwards moving with a target of $100k since it was been speculated by most top influencers.
Also we have those that put in their life savings and some even borrowed money to invest since there were prediction of more increase in price but unfortunately the market had alternative plans and now this users are panicking.
experienced traders and investors may not be affected by market conditions. but what happens to new traders and investors, creates enough psychological stress to make them panic. this is something that naturally happens to beginners. but after they know how this market works longer, of course, they will be more stable in determining the plan.