Cryptocurrencies are a punch in the face to all central banks, along with it's governments. However, I don't think they have a solution for this at the moment, it seems they weren't ready for such a strong and fast development in the cryptocurrency world. Now they are forced to come up with solutions fast before everything goes out of (their) control. We should see many earthquakes in the crypto world as governments try to tackle this issue, it's not impossible that only a few of cryptos will be able to survive this turmoil, but also, it's also possible that almost every cryptocurrency survives and find it's place in the new financial world that will materialize in the upcoming years.
Best thing to do now is not to go "all-in" into cryptos. Why? Because of now, we are not yet able to determine it's fair price, it's all based on expectation and future appication along with the thin and unefficient market.
However, investing wisely and holding for a longer period of time has been proved as a winning strategy when it comes to new technologies and it's a good chance that the same will happen with cryptocurrencies.