The cryptocurrency market experienced a sharp downturn on Tuesday, mirroring a broader sell-off across financial markets triggered by hotter-than-expected inflation data. Bitcoin (CRYPTO: BTC), which just a day earlier had breached the $50,000 mark, plunged 3% to $48,535.17. The catalyst for the market chill was the latest Consumer Price Index (CPI) report from the U.S. Bureau of Labor Statistics. The January inflation reading came in higher than economist expectations, prompting concerns that the Federal Reserve might not be able to implement the multiple rate cuts previously anticipated by i…