Recent dips in the cryptocurrency market have led to decreasing number of Bitcoin ATM machines. It decreased by 2% in September compared to its all-time high back in August.
As shown in data gathered from CoinATMRadar, there are now only 37,980 active Bitcoin ATMs worldwide today – down from 38,776 that were running just last month.
The popularity of Bitcoin ATMs was increased steadily in the past few years due to how easy it is for people to access them and invest in cryptocurrencies without going through Know Your Customer (KYC) procedures.
Because of recent drops in the value of Bitcoin and other cryptocurrencies, which have continued since the beginning of 2022 due to rising inflation and a central bank aiming to raise interest rates, many investors avoid riskier assets out of fear. Therefore, significant profits were lost as Bitcoin kept going downhill on the roller coaster.
Installations of cryptocurrency ATMs skyrocketed between January 2020 and January 2022, more than quintupling to 34,388 devices worldwide. After years of increased demands, the Bitcoin bear market finally caught up with many Bitcoin ATM networks.
September 2022 marked one of the lowest installation rates worldwide, despite the fact that there are already close to 39,000 ATMs operating worldwide – representing a 3,818% growth since 2017.
Down Slide Of Bitcoin ATM Networks
There are 38181 crypto ATMs currently operating; 95% of these are located in North America, with about 87.9% of the market share for crypto ATMs going to the U.S., Canada having 6.3%, and Europe having 3.8%.
In addition, data about the decrease in crypto ATM installations for the month of September show that 796 machines were removed from the global network, and most of those machines came from just America alone.
In spite of this setback, there has been an increase of new installations on the ground all across Europe and Canada as well. The data shows that as of the beginning of the new month of October, there has been an increase of 201 installations.
CoinATMRadar’s speed chart indicates that, on average, fourteen(13.9) new crypto ATMs are installed daily. The speed is measured using a gauge scale that is based on the last 60 days, whereas the speed is based on the previous seven days.
Moreover, according to current statistics from the global crypto-ATM market, Genesis Coin leads the market for the manufacturing of cryptocurrency ATMs because it has a 40.3% share of this segment. General Bytes is in second place with 23.1%; after them, Bitaccess (15%), Coinsource (5.2%), Bitstop (5.7%), Bytefederal (2.7%), and others 8.2%.
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