Bitcoin ATM Growth Drops Amid Market Slowdown, Nearly 800 BTC ATMs Pulled Out of Global Network
Last Updated on: 4th October 2022, 01:26 pm
Bitcoin ATM growth has slowed down in recent months, as the cryptocurrency market has been experiencing a slowdown. This has led to the removal of nearly 800 BTC ATMs from the global network. According to data from Coin ATMRadar, the total number of BTC ATMs in September was at 37,980 machines. This is a significant drop from the all-time high of 38,776 machines recorded in August.
The slowdown in the cryptocurrency market is likely the cause of this decline, as it has caused investors to shift their attention to other investment opportunities. This has led to a decrease in the demand for Bitcoin transactions, which in turn has led to the removal of Bitcoin ATMs from the network.
Bitcoin ATM growth has slowed significantly in recent months, as the market has largely been slowed by regulatory uncertainty and a market downturn. Nearly 800 BTC ATMs have pulled out of the global network, citing a lack of clarity on the part of regulators. This uncertainty is largely owing to the SEC’s decision to delay its decision on the Winklevoss ETF and the CFTC’s decision to halt the SegWit2x fork. In the absence of clear regulatory guidance, businesses are reluctant to invest in BTC ATMs or expand their operations.
Trillion-Dollar Valuation
The overall crypto market slid down from the trillion-dollar valuation mark owing to interest rate hikes in the US as well as scams and cybercrimes that plagued the crypto sector leaving investors on a low-risk appetite. Nonetheless, there have been some bright spots in the market. The growth of Bitcoin ATMs has been particularly impressive, with nearly 800 BTC ATMs pulled out of the global network in September alone.
Cryptocurrency ATMs, once a common sight around the world, have dwindled in number in recent months. This is largely due to the market slowdown, as the installation of crypto ATMs has slowed considerably. However, the number of crypto ATMs still stands at around 23 on an everyday basis, which is still a considerable figure.
Exchange For Fiat Currencies
Europe and Canada are leading the way in providing these machines to crypto users, as they see the potential for increased adoption. Canada is even providing free access to the machines for those who are looking to invest in bitcoin. This move by the two regions is likely to help increase the popularity of bitcoin, as it provides a way for users to purchase the digital currency in exchange for fiat currencies. It also allows them to exchange coins easily and without any restrictions.
Gaia Co., a Japanese crypto exchange, has announced that it is undertaking the responsibility of installing at least 50 BTC ATMs across Tokyo and other parts of Japan by August 2023. This move is in line with the exchange’s goal of becoming the leading crypto exchange in Japan.
According to a report by CoinTelegraph, the US has the largest number of BTC ATMs, accounting for 87.9 percent of its global network. The US currently houses around 33,000 crypto ATMs. However, the popularity of crypto ATMs is decreasing amid the market slowdown. As of now, there are only 859 BTC ATMs in operation globally, down from 1,440 at the same time last year.
As the market slows down, popular companies that provide crypto ATM services are seeing a decrease in growth. Genesis Coin, General Byte, BitAccess, Coinsource, and Bitstop all reported decreases in ATM growth in the past few months.
