The question itself is the answer
“PANIC”.
Everyone knows cryptocurrency market is highly volatile and risky.
And most of the people do emotional trading.
They sell when it is crashing. And suffer from the loss. They panic and sell in the loss.
What is the point in selling at low?
One must wait for the market to turn green and bullish.
The way to stop the panic is to not engage in panic-inducing activities such as day trading.
It is like the old joke; a man goes to the doctor and says my arm hurts when I put it overhead.
The doctor says don’t put your arm overhead
If you are in need of urgent money than selling is OKAY but for profit,
HODL is the best.
I have my experiences during the latest ultimate dip in which i bought my Bitcoin at $19,000, that i keep on holding because they always says don't panic and hold until the price reach as low as $6,000 in which its clearly a huge loss because of keep on holding and not panicking. My point is you can't blame people if they do panic because its really tough to hold on now due to price is really unpredictable. So better to cut off the losses and start again at the lowest price or quit this risky investment.