Here in Brazil, the official inflation rate is around 10-15%, but the "real" inflation rate is way, WAY higher than that.
Fiat Inflation is attracting even more people to the "cryptoworld", specially stablecoins, as they're wanting something safe to store their purchase power. For example, Argentina is suffering an incredibly high inflation of more than 100%, and people's starting to deal directly through cryptocurrencies and ignoring their local currency...
I believe that the drop of crypto prices is related to the increase of interest rates. A lot of big investors still see crypto as very risky and prefer to buy bonds with positive interest rates. In the long run I believe that crypto will be a better protection against inflation that what it looks like at the moment.
That's, indeed, true. Cryptos are part of the financial world and, thus, it's expected for its prices to be affected by the rest of the financial ecosystem, including the overall increase in interest rates across the whole world.
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