The cryptocurrency market has entered a sustained downturn, with trading activity and prices declining sharply in the first quarter of 2026.
CoinGecko reported a 39% drop in spot trading volumes across the top 10 centralised exchanges, falling to $2.7 trillion from $4.5 trillion in the previous quarter.
The slowdown comes as total crypto market capitalisation fell more than 20%, driven by lingering bearish sentiment and global geopolitical uncertainty.
March marked the weakest month, with trading volumes at $800 billion, the lowest level since November 2023, reflecting reduced market participation.
“Bearish momentum from late 2025 collided with global geopolitical instability,”
CoinGecko said, highlighting the drivers behind the sustained decline.
Bitcoin fell 22% over the quarter, underperforming traditional markets such as the Nasdaq and S&P 500, which also posted declines but to a lesser extent.
The downturn was compounded by macro factors including a potential hawkish shift in US monetary policy and reduced liquidity, signalling continued pressure on crypto markets.
At the time of reporting, Bitcoin price was $74,818.90.