However it seems with FIAT going down, so is more of Bitcoin and other cryptos.
The entire market is down, no matter the industry. Real estate seems to be the only market that hasn't taken a massive hit yet, and there's a lot of speculation amongst the experts that there's an artificial bubble being created even in tangible assets which will eventually pop. USD/EUR hasn't experienced this type of inflation in decades. Bitcoin didn't exist yet when this type of inflation was last seen. We don't actually know how crypto is supposed to react with high inflation rates, the data is not there.
That is well said. Everything is down at the moment and of course a new asset class, a new technology, is not something that can easily hold its value in the early days. You're right about the housing market, while it is almost the only asset class that hasn't gotten crushed (precious metals to an extent as well), I do know it's starting to cool off it's self now.