My question is why isn't crypto rising in price if inflation on major Fiat currencies have soared like crazy? Am I missing something here? It's a shame since Bitcoin was long hailed to be a safe-haven asset like Gold.
Most crypto don't rise and should never rise because they're scams, or full of bugs, or both.
So let's just turn to bitcoin. And bitcoin price does rise, but it does it in waves. As said, zoom out. A pretty good comparison for Bitcoin may be to compare the price every 4 years. You'll see them rise.
Inflation is also just a number you don't feel clearly in the same way for everything. Bread price may have went over the roof and meat price may not feel the inflation yet. It's just an example, it doesn't have to be accurate (I'm almost sure it isn't). But inflation makes electricity more expensive and - sooner or later - that has to become visible in the price, else certain miners will have to unplug their gears.
Also, never forget that gold is overrated, since it's not
so scarce and we don't even know for sure how scarce it is in the universe (I don't think that it's easy to count how many suns have exploded since the big bang, and that's what creates gold).
And.. just look at the charts, gold is falling lately:
https://www.tradingview.com/symbols/XAUUSD/