The cryptocurrency market is flashing bright green today ahead of Valentine’s Day on Friday, February 13th, as a wave of bullish sentiment sweeps through the digital asset ecosystem. Total market capitalization has surged as investors react to favorable macroeconomic data and a massive squeeze of short positions.

Here is a breakdown of why the crypto market is rallying today:

US CPI Data Comes in Cooler Than Expected

The primary catalyst for today’s rally is the latest Consumer Price Index (CPI) report from the US Bureau of Labor Statistics (BLS). Annual inflation in the US declined to 2.4% in January, down from 2.7% in December.

Crucially, this figure came in below the market expectation of 2.5%. This “cool” inflation print has…