A token only redeemable for bitcoin collapses and you think that will hurt the price of bitcoin? It will hurt the price of tether certainly, the other side of the trade will boom.
Always amazed that some fail to grasp this, tether disintegrating is a solid buy for bitcoin, apart from the bad media coverage, which going by current standards has no effect on price. So that's $600m desperately trying to get into bitcoin all at once, this likely happening within a space of ~72 hours, think about it for a moment.