Analysts at research and brokerage firm Bernstein said “it’s not bitcoin’s fault this time” as the cryptocurrency plunged amid U.S recession fears and dislocation in the yen markets.

Prices in the 24/7 crypto market fell dramatically over the weekend and into Monday morning — with bitcoin plummeting almost 20% to below $50,000 at one point — while ether lost all its year-to-date gains as its price dropped nearly 30% since Friday to below $2,200.

“Bitcoin’s initial reaction as a ‘risk off’ asset is not surprising,” Gautam Chhugani, Mahika Sapra and Sanskar Chindalia wrote in a note to clients on Monday. “This has often been the pattern for bitcoin markets (seen before in March 2020 flash crash too), particularly, as it is the only market trading over the weekend. We remain calm.”

“We …