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HomeBTCGlobal BTC ATMs installation in red zone amid ongoing bearish market

Global BTC ATMs installation in red zone amid ongoing bearish market

The ripple effects of an ongoing bear market spread to the Bitcoin (BTC) ATM ecosystem in September 2022, when global net installations experienced negative growth for the first time ever, mostly due to a slowdown in the United States.

Data from CoinATMRadar shows that the overall number of Bitcoin ATMs installed throughout time decreased to 37,980 in September from an all-time high of 38,776 ATMs in August, resulting in a reduction of -2.05%.

BTC ATM

As per the sources, 796 crypto ATMs were removed from the global network in September. Apart from that 825 ATMs were removed from the United States itself.

However, fresh installations on the ground in Europe, Canada and few other states mitigated the loss.

Despite the setback, data based on 60 days show that roughly 14 crypto ATMs are installed globally every day, with Genesis Coin representing a 40.3% share of ATMs among other makers. 

Manufacturers of other well-known crypto ATMs include BitAccess and General Bytes.

Geopolitical tensions and other issues, such as a lack of regulatory clarity and market uncertainty, can be attributed to the abrupt decline in the number of crypto ATM installations.

Countries continue to express interest in having operational crypto ATMs within their borders even though crypto ATM installations have temporarily suffered owing to external circumstances.

Most recently, Japan opted to bring back crypto ATMs after 2014. Local crypto exchange Gaia Co. was the driving force behind this decision. Initially, new ATMs will be placed all around Tokyo and Osaka. 

By the end of August 2023, the company hopes to have 50 BTMs operating nationwide.

As per the news report, Gaia became the first locally-registered cryptocurrency firm to set up crypto ATMs in Japan.

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