September Recorded the Lowest Numbers of Bitcoin ATMs Installation

September Recorded the Lowest Numbers of Bitcoin ATMs Installation

In September, around 800 Bitcoin ATMs were removed from the market.

Bitcoin ATMs, kiosks allowing customers to purchase Bitcoin and other cryptocurrencies using cash or debit cards, have seen a downfall in deployment across the globe.

According to the data shared by CoinATMRadar, in September, the total number of installed ATMs fell to 37,981. It is worth noting that in August, ATM installation reached its all-time high with 38,778 ATMs globally

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Based on the data, the extent of installation has decreased by -2.05%, with 796 crypto ATMs being pulled off from the network. In the United States, more than 800 ATMs were pulled out of the market.

While the United States were taking away their Bitcoin ATMs, Europe, Canada, and a few other countries were continuously installing new ATMs across their lands.

However, despite the long-term data revealing that Bitcoin ATMs installation has been paused, the 60-day data showed that every single day almost 13 crypto ATMs are installed across the globe. In this chart, the United States is leading the way with 8 ATMs installed daily.

The crypto ATM industry is led by Genesis Coin, which currently holds around 40.3% of the market. Among the largest crypto ATM distributors are General Bytes and BitAccess. 

There is no clear answer to why the deployment of new crypto ATMs was stopped. However, it can be assumed that it has been influenced by geopolitical tension, lack of regulatory clarity around crypto, and volatile market conditions.

However, despite a temporary downfall in ATM installation, countries continue to be interested in this technology. For example, in August, Japanese crypto exchange firm Gaia Co Ltd announced the launch of crypto ATMs in Osaka and Tokyo. In 12 months, the company expects to install crypto ATMs in more than 50 locations.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree