Bitcoin ATMs have emerged as the latest victim of the ongoing crypto bear market. The number of Bitcoin ATMs installed fell to 37,980 in September, according to statistics from Coin ATM Radar, a company that maps crypto ATMs. The drop is significant because just a month ago, in August, the number was at an all-time high of 38,776.
This is the first time that the installation number is trending negative. As many as 797 crypto ATMs were pulled off the global network in the same month.
The change has a lot to do with the United States, which discontinued the bulk of ATMs. However, fresh deployments on the ground in Europe, Canada, and a few other jurisdictions prevented a further dip in numbers.
Reasons for the decline
While the ongoing crypto winter undoubtedly contributes to the decline in the global Bitcoin ATM installation, many other factors were also responsible for the drop. Bitcoin has dipped by more than 50% from its November 2021 all-time-high. The world’s largest crypto is now struggling to move beyond the $20,000 mark.
Furthermore, geopolitical tensions have impacted every aspect of the crypto market. The lack of regulatory regulation among governments around the world and market uncertainties don’t help either.
Not all gloom
Despite the declining number in the number of Bitcoin ATMs, data based on 60 days suggest that the global daily installation of crypto ATMs continues to grow. Nearly 14 crypto ATMs are being installed globally daily.
The major contributors to this growth are popular Bitcoin ATM provider Genesis Coin, which accounts for 40.3% of the rise. Other popular crypto ATM manufacturers include General Bytes and BitAccess.
Moreover, there are some countries that continue to show interest in Bitcoin ATMs. Recently, Japan reintroduced crypto ATMs in collaboration with local crypto exchange Gaia Co. The country plans to set up 50 crypto ATMs by August 2023.