Jim Bianco of Bianco Research attributes the recent crash in Bitcoin and Ethereum to the Bank of Japan's unexpected interest rate hike, which led to a significant global market downturn. The yen carry trade unwinding caused ripple effects, including a 20% drop in the Japanese stock market and a 5% loss in the dollar's value against the yen. The cryptocurrency market saw over $1 billion in liquidations, with Bitcoin dropping nearly 19% and Ethereum falling by almost 25%. Bernstein's report suggests the downturn is due to broader market fears rather than crypto-specific issues and highlights potential recovery if U.S. recession fears lead to rate cuts and increased monetary liquidity.