The price of cryptocurrencies seems to have almost no relationship to stability and inflation of fiat currency. One would expect when bad inflation reports come out, and the stock market declines, cryptocurrencies would benefit from being an inflation hedge. But they don't. They often decline as well. It appears the rise and fall of cryptocurrencies correlate with the overall market's appetite for risk and speculation.

I very much disagree. I think the relationship is fairly obvious: https://usdsat.com/

You may not be familiar with the history:

"The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust" -- SN (2009)

Literally why Bitcoin was invented. You can choose whatever you want to believe regarding reported inflation numbers. I tend to believe the metrics that show very high asset inflation in since 2009. And fact anything desirable seems to get cheaper in Bitcoin terms over time.

Why do you think cryptocurrencies are popular places with very high (reported) inflation, like Nigeria and Turkey?