Bitcoin ATMs struggle in the future as the crypto market continues to fall
Recent falls in the cryptocurrency market have led to a declining number of Bitcoin ATMs. It fell 2% in September compared to the record in August.
As shown in data compiled by CoinATMRadar, there are now only 37,980 active Bitcoin ATMs worldwide today – down from 38,776 operating just last month.
The popularity of Bitcoin ATMs has steadily increased in recent years due to the ease with which people can access them and invest in cryptocurrencies without going through Know Your Customer (KYC) procedures.
Due to recent falls in the value of Bitcoin and other cryptocurrencies, which have continued since early 2022 due to rising inflation and a central bank aiming to raise interest rates, many investors are avoiding riskier assets out of fear. Therefore, significant profits were lost as Bitcoin continued its downward roller coaster ride.
Installations of cryptocurrency ATMs skyrocketed between January 2020 and January 2022, more than quintupling to 34,388 units 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 globally, despite there already being close to 39,000 ATMs in operation worldwide – representing a growth of 3,818% since 2017.
Down in Bitcoin ATM network
There are 38181 crypto ATMs in operation; 95% of these are located in North America, with roughly 87.9% of the crypto ATM market share going to the US, Canada at 6.3%, and Europe at 3.8%.
In addition, data on the decline in crypto ATM installations for the month of September shows that 796 machines were removed from the global network, and most of these machines came from America alone.
Despite this setback, there has been an increase in new installations on the ground across Europe and Canada as well. The data shows that from the beginning of the new month of October there has been an increase of 201 installations.
CoinATMRadar’s speed map indicates that an average of fourteen (13.9) new crypto ATMs are installed daily. Speed is measured using a scale that is based on the last 60 days, while speed is based on the last seven days.
Furthermore, according to current statistics of the global crypto-ATM market, Genesis Coin leads the cryptocurrency ATM production market because it has a share of 40.3% 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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