The domino effect of a long-term bear market has seeped into the Bitcoin ATM system as September 2022 saw the first-ever negative growth in global online installs, primarily driven by the slowdown in the US.
The total number of Bitcoin ATMs installed over time fell to 37,980 in September from an all-time high of 38,776 in August, resulting in a -2.05% decline, according to data from CoinATMRadar.
The number of bitcoin machines installed over time. Source: CoinATMRadar
Net change data for crypto ATM installs confirms that 796 crypto ATMs were pulled from the global network in September. In the United States alone, a decrease of 825 ATMs has been recorded. But Europe, Canada and a few other jurisdictions mitigated the doom with new domestic fixtures.
Net monthly change in the number of cryptocurrency machines installed and removed. Source: CoinATMRadar
Despite the setback, data for 60 days shows that around 14 cryptocurrency ATMs are installed around the world every day, with Genesis Coin accounting for 40.3% of ATMs among other manufacturers. Other popular crypto ATM manufacturers include General Byte and BitAccess.
The sudden drop in cryptocurrency ATM facilities can be attributed to geopolitical tensions between factors including a lack of regulatory clarity and market uncertainty.
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While crypto ATM installations have been temporarily affected by external factors, countries continue to express interest in operating crypto ATMs within their borders.
Recently, Japan decided to reintroduce crypto ATMs after 2014, led by local crypto exchange Gaya, initially, new ATMs will be installed in Tokyo and Osaka. The company plans to install 50 BTMs nationwide by August 2023.
