The cryptocurrency market has been experiencing a prolonged period of decline, according to a recent report by CoinGecko. The report highlights a significant drop in trading volumes on centralized exchanges, with the top 10 exchanges witnessing a 39% decrease in spot volume during Q1.
This downturn is attributed to various factors, including geopolitical instability and concerns over economic slowdown. The global market's reaction to fears of an economic slowdown and uncertainty over the fallout from US-Israeli strikes on Iran in February contributed to the decline.