You know what, this too is a threat to BTC. All ALTs are heavily in the red not because they're shit, but because their USD value is based on their BTC value (& thus people see the USD value go down, and they sell).

This alone is probably make more exchanges provide direct USD/EUR/ETH/whatever pairs for ALTs, reducing BTC's dominance even more.

It tomorrow *all* exchanges exclusively provided USD/ALT pairs for all ALTs, this bloodbath would look very different, so it's not just a matter of perspective, it would also really affect the market. Perhaps that's a good reason to change that. On the other hand, for the exchanges that chose to go with USDT instead of real fiat, it's even worse for the reasons we know...