Actually the assumption is impossible. No asset class in history I believe has crashed to a $1 Overnight . Even if it were to crash to a low price it would take many months, maybe years. When a companys stocks tumble because of liquidation it takes months, years too until its delisted.
If on other less regulated market places it did, short sellers could easily arbitrage and for $5 in insurance would buy 5 Bitcoin and run the token into zero value.
your views?
nothing is impossible, everything is possible. but the likelihood for such thing happening is very low.