Most cryptocurrencies are in even worse shape as the Federal Reserve fights high inflation with aggressive interest rate hikes and quantitative tightening -- reducing the massive balance sheet it built up during the pandemic and effectively pulling liquidity out of the economy. Bitcoin (CRYPTO: BTC) is the pioneer of blockchain technology and the world's largest cryptocurrency with a market cap of more than $410 billion. Bitcoin could also eventually prove to be a hedge against inflation, despite its failure to rise during the current bout of pricing pressure.