Crypto ATM installations will decrease by over 5,000 in 2023
The year 2023 has been quite eventful for the crypto industry, with several positives and negatives. In the latest development, Bitcoin and crypto ATM installations have fallen by more than 5,000 units in 2023 based on data from Coin ATM Radar.
Global crypto ATM network records sharp decline in Q1 2023
Although the crypto market began the year with an upswing after the FTX crises, Coin ATM Radar recorded that 1,587 Bitcoin ATMs were uninstalled and decommissioned in the month of January.
Into February, as several assets experienced a general price loss, the crypto-ATM network saw some positives, with only 275 devices going offline globally.
However, the month of March was pretty dire as 3,627 ATMs worldwide were removed from the network, representing the largest monthly decline in the crypto ATM network in over nine years.
Source: coinatmradar.com
According to Coin ATM Radar, the total net negative change in ATM installations in 2023 so far is 5,489, leaving only 33,729 active ATMs in operation worldwide.
Of these lots, over 28,000 units are in the US, making up over 84% of the global crypto ATM network. Other countries with a good presence of Bitcoin ATMs include Canada, Australia, Switzerland, etc.
Behind The Decline
Since the introduction of the first Bitcoin ATM in 2013, the crypto ATM’s net change has always been positive, with the exception of a negative record in September 2022 and the first three months of this year.
That said, there could be various reasons behind this sudden and unusual decline in ATM installations. The most notable, however, appears to be a drastic reduction in the number of installed crypto ATMs in the US as far back as last year.
Source: coinatmradar.com
According to Coin ATM Radar, over 5,000 ATMs in the US have gone offline between November 2022 and today. And although other nations such as Australia, Canada, Spain and other crypto-friendly countries have recorded positive Bitcoin ATM growth during the same period, the dominance of the United States paints a rather bleak picture for the global crypto-ATM network.
The negative growth of ATM installations in the US could be the result of several factors, including the crypto winter that occurred in late 2022 and its ripple effects that led to the collapse of some US crypto-friendly banks earlier this year.
That said, it remains unknown how long this decline in ATM installations will continue. However, many can hope for a recovery soon as these ATMs are essential to the mainstream adoption of cryptocurrency worldwide.
Total crypto market valued at $1.15 T | Source: TOTAL Chart on Tradingview.com
Featured Image: Finbold, chart from Tradingview, Coin ATM Radar
