@ben-edom . Hey check this out .
See, this is short term, over long term cryptos should pick up. Already some recovery has happened.
Why this happened. Well... see the video link I gave above.
There is panic and as @crypto.piotr says, people are selling to get cash, so they can pay stuff. That virus means economic activity is coming down, people are not having cash, so they sold.
Even gold fell by 3% it's perceived as safe haven.
Also there was liquidity crunch, like everybody selling especially those in deriaviative markets doing margin trading...there was very less liquidity with so much selling prices crash hard and hard.
On traditional markets too, they also fell when though FED and other banks are giving out cheap money, so institutions can buy stocks keep it stable, plus FED is going to further buy stocks to keep market intact.
We may have more sell offs, panic... but when it ends, we can buy at lowest point and wait long term with dollar cost averging method, buy small amounts of crypto every month and stuff.
Watch these videos -
You will feel better and less panicky seeing those videos garenteed!!
All we can do is keep ourselves safe and not invest rashly, keep some cash for dialy use and let crypto have it's crazy cycles, we are crypto enthusiasts, we love crypto and we are in for the long term surely!!