But when tether goes up in smoke (or there's a perceived risk it's about to), there's a "bank run" on the exchanges, causing further disruption on tether, which

But when tether goes up in smoke (or there's a perceived risk it's about to), there's a "bank run" on the exchanges, causing further disruption on tether, which is used as the go-between, fiat-equivalent by a whole lot of exchanges. Fear is what's driving this slump right now, and tether is a big part of it.