With this dip, how would exchanges fare? Would this cause exchanges to declare bankruptcy? Which of the top exchanges do you think, is stable and can withstand a really deep bitcoin price dive?
Exchanges don't sell/buy coins for themselves. They are just intermediate platform where sellers can sell their coins and buyer can buy coins with their fiat. So even when price will be at 1$ exchanges can run like normally and they will keep earning same % of trading fee.
Exchanges will only declare bankruptcy when they get hacked.