Global Crypto Adoption Slows, but Turkey Bucks Trend With 7% Trading Gain

YM Lee

Summary

TRM Labs said retail trading volume in its 2026 first-quarter global crypto adoption index fell 11%% from a year earlier.
The drop in trading volume was especially pronounced in developed markets including the US, South Korea, the UK and Germany amid a strong dollar, high interest rates and risk aversion.
By contrast, Turkey's trading volume rose 7%% from a year earlier, while Latin America and South Asia remained broadly stable amid demand for practical crypto use.

Forecast Trend Report by Period

Global cryptocurrency adoption slowed amid macroeconomic pressure, while some emerging markets continued to expand, widening regional gaps.

Cointelegraph reported on April 23 that retail trading volume in TRM Labs' Global Crypto Adoption Index for the first quarter of 2026 fell 11% from a year earlier to $979 billion. That marked a second straight quarterly decline and the steepest drop since the 2022 bear market.

TRM Labs attributed the slowdown to a stronger dollar, high interest rates and growing risk aversion. Bitcoin prices also fell about 22% over the same period, further weighing on retail demand.

The decline was especially pronounced in developed markets including the US, South Korea, the UK and Germany. In those markets, cryptocurrencies are used mainly as investment assets, meaning higher rates and a wider range of alternative investments drew money out of the sector.

By contrast, emerging markets with demand for practical use showed the opposite trend. Trading volume in Turkey rose 7% from a year earlier, while Latin America and South Asia were broadly stable.

In countries constrained by domestic monetary policy or capital controls, cryptocurrencies function as a store of value and a shadow dollar system, TRM Labs said.