Data on cryptocurrency ATMs confirm that 796 ATMs were taken off the global network in September.
Effect of the bear market
The knock-on effect of a prolonged bear market also impacted the Bitcoin ATM ecosystem. In September 2022, it recorded negative growth in global installations for the first time. This was mainly caused by a slowdown in the United States.
The total number of Bitcoin ATMs installed over time fell to 37,980 in September from an all-time high of 38,776 ATMs in August. This resulted in a decrease of -2.05%, as evidenced by data from CoinATMRadar.
Data on cryptocurrency ATM changes confirms that 796 cryptocurrency ATMs were taken off the global network in September. The United States alone recorded a decline of 825 ATMs. However, Europe, Canada and a few other jurisdictions have caught up with new installations.
Despite the setback, data based on 60 days suggests that nearly 14 crypto ATMs are installed per day worldwide. Hereby manufacturer Genesis Coin represents a 40.3% share of the ATMs. Other popular crypto ATM manufacturers include General Bytes and BitAccess.
The sudden decline in crypto ATM installations can be attributed to geopolitical tensions, including a lack of regulatory clarity and market uncertainties.
While cryptocurrency ATM installations have taken a temporary hit from external factors, countries continue to show interest in having functional cryptocurrency ATMs within their borders.
Recently, Japan has decided to reintroduce crypto ATMs after 2014, led by local crypto exchange Gaia Co. Initially, new ATMs will be installed in Tokyo and Osaka. The company plans to set up 50 BTMs across the country by August 2023.