A prolonged bear market affected the Bitcoin (BTC) ATM ecosystem, as September 2022 recorded the first time in history that its global net installations declined - primarily due to a slowdown in the United States.
As evidenced by the data from CoinATMRadar, the total number of Bitcoin ATMs installed over time fell to 37,980 in September from 38,776 in August, a drop of 2.05%.
Installed Bitcoin machines over time, as reported by CoinATMRadar.
Based on the data on net changes in crypto ATM installations in September, 796 crypto ATMs were removed from the global network. There was a reduction of 825 ATMs in the United States alone. New installations were made in Europe, Canada, and a few other jurisdictions to cushion the downfall.
Monthly change in the number of cryptocurrency machines installed and removed. The source of this information is CoinATMRadar
However, despite the setback, the data based on the last 60 days indicates that nearly 14 cryptocurrency ATMs are being installed across the globe every day, with Genesis Coin accounting for the majority of ATMs among other manufacturers with a 40.3% share. BitAccess and General Bytes are two other popular crypto ATM manufacturers.
Crypto ATM installations have suddenly dropped as a result of geopolitical tensions as well as regulatory uncertainty and market uncertainty.
Although the number of crypto ATMs has temporarily declined due to external factors, countries continue to show interest in having crypto ATMs within their borders.A local crypto exchange, Gaia Co., spearheaded the initiative to reintroduce crypto ATMs after 2014 in Japan. First, new ATMs will be installed throughout Tokyo and Osaka. In August 2023, the company plans to establish 50 BTMs throughout the country.