Hypothesis: if, as some have asserted, the BTC market is driven by the Tether market, then BTC dropping might be related to the recent wobbling of Tether USDT,

Hypothesis: if, as some have asserted, the BTC market is driven by the Tether market, then BTC dropping might be related to the recent wobbling of Tether USDT, which never quite regained $1 peg. If Tether is about to go the way of Luna and Celsius, then it may be that one of the major remaining purchasers of (heavily discounted) Chinese property bonds is about to go away. We have already seen a couple small runs on the bank in China in recent weeks. Perhaps we are about to see more? Whether the above hypothesis is true or not (and I am not attached to it, as I own no BTC nor USDT), I suspect that one way or another, the crash of BTC is going to have knock-on effects on the rest of the global economy. Remember, at the beginning of the GFC not many people in Greece or Iceland or Spain probably thought that American housing bonds had anything to do with them...