The ripple effect of a prolonged bear market seeped into the bitcoin (BTC) ATM ecosystem as in September 2022 there was a decrease (or negative growth) in global net install for the first time in history, driven primarily by a slowdown in the United States.
The total number of installed Bitcoin ATMs over time fell to 37,980 in September from an all-time high of 38,776 ATMs in August.resulting in a drop of -2.05%, as evidenced by data from CoinATMRadar.
Data on crypto ATM installation net changes confirms that in September, 796 cryptocurrency ATMs were removed from the world wide web. Only in the United States there was a reduction of 825 ATMs. Nevertheless, Europe, Canada and some other jurisdictions cushioned the decline with new installations locally.
Despite the setback, data based on 60 days suggests that almost 14 cryptocurrency ATMs are being installed every day around the worldand that Genesis Coin accounts for a 40.3% share of ATMs among other manufacturers. Other popular cryptocurrency ATM manufacturers are General Bytes and BitAccess.
The sudden reduction in cryptocurrency ATM installation can be attributed to geopolitical tensions among other factors, including a lack of regulatory clarity and market uncertainties..
Although the installation of crypto ATMs has taken a temporary hit due to external factors, countries continue to show interest in having functional cryptocurrency ATMs within their borders.
Recently, Japan decided to reintroduce cryptocurrency ATMs after 2014, led by local crypto exchange Gaia Co. Initially, new ATMs will be installed in Tokyo and Osaka. The firm plans to establish 50 BTMs across the country by August 2023.
As Cointelegraph reported, Gaia became the first locally registered cryptocurrency company to install crypto ATMs in Japan.
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