There could not have been so many distraught investors selling their bitcoin in fear, because the greatest pressure on the cryptocurrency market could have been exerted by these two events: bitcoin sale by Germany and Mt.Gox users. The increased supply of bitcoin in the cryptocurrency market inevitably leads to a fall in value.
They are newbie investors and I don't argue to say they are not investors but let's say amateur investors.
A more proper term to call these people is "speculators", not actual "investors" but if you tell them that they are not investors, but only speculators, they will disagree with you.
Disagree or agree with you, calling them as speculators, it's not matter because they in reality don't react like investors, but panic sell like speculators who see their greedy bets fail and panic exit the market.