Why are so many people in crypto so quick to lose their minds?

Yes, BCC was a scam (obvious to most people the entire time)
Yes, G20 countries might come together to regulate crypto (this is a great thing!)
Yes, China is cracking down on crypto (as they've been doing since September)

What has changed fundamentally to merit a 40% 0verall market cap drop within 48 hours?

Guys, just HODL and believe in technology and not on some FUD coins.