The end of beans? – Last June, we highlighted the decline in Bitcoin ATM sales. It would seem that this decline is confirmed with a remarkable drop at the global level. The effects of the bear market are being felt.
Historical decline in Bitcoin ATMs
Available Bitcoin ATM net change data confirms this, in September, 796 distributors automatic cryptocurrencies have been removed from the network global. The bear market therefore also impacts cryptocurrency ATMs. Indeed, September 2022 saw negative growth in global net installs for the first time in history. The main cause being a slowdown in the United States.
After reaching an HUD of 38,776 counters installed in August, the number of counters falls in September to 37,980. It is therefore a decrease of 2.05% which is recorded according to data from CoinATMRadar. In September it is therefore 796 crypto vending machines that have been removed from the global network. As said before it was the United States that saw the biggest reduction in Bitcoin ATM with a drop of 825 machines. Canada and other jurisdictions offset this decline with new local facilities.
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Statistics to put into perspective
However, this setback should be put into perspective. We install no less than 14 distributors every day in the world, according to data based on the last 2 months. Genesis Coin accounts for a 40.3% share of vending machines among manufacturers. Other providers include General Bytes or BitAccess.
The reduction in these facilities is attributed to geopolitical tensionsto lack of regulatory clarity and to market uncertainties. But if the installations of distributors decrease, it should be recalled that new countries show their interest in having automatic distributors of cryptocurrencies on their soil, like Japan.
Bitcoin ATMs are certainly on the decline, but the number of ATMs is still on the right track. So in the long term, the number of distributors seems to continue to make its way like Bitcoin. Troubled times are underway, but the best is probably yet to come.
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