When the cryptocurrency downfall began in early 2022, many thought that the cryptocurrency market would recover.
Many thought that the cryptocurrency industry was facing the same trend had hit the cryptocurrency like it always did. Right after the drop, the cryptocurrency industry would always recover.
Therefore, the entire cryptocurrency industry thought that it would be just another short-term downtrend.
Significant Growth in Crypto ATMs
As the adoption level of cryptocurrencies continued surging all over the world, it became necessary that the crypto ATMs must be placed.
Therefore, the year 2021 proved to be a boom for the installation of cryptocurrency ATMs all over the world.
The United States was the country where there is a crypto ATM in every state and almost in every city of the country. Compared to the rest of the world, the US has the highest number of cryptocurrency ATMs installed.
Constant Rise in Bitcoin ATMs
As the adoption of the cryptocurrency ATMs rose, it was Bitcoin (BTC) that was the first choice for the cryptocurrency ATM companies.
This is the reason why the number of Bitcoin ATMs is the largest all over the world, even when the industry is finding itself facing crypto winter.
Bitcoin ATMs are Losing Ground
Unfortunately, what people thought to be a short-term downtrend in the cryptocurrency industry that started in early 2022, has lingered on.
Even now, the cryptocurrency industry is facing a downtrend and the impact is felt across the board. Even the growth of the Bitcoin ATMs has been impacted tremendously by the downfall.
Due to the constant downfall, it has happened for the first time ever that the number of Bitcoin ATMs has dropped instead of going up.
Negative Report for Bitcoin ATMs
CoinATMRadar has recently shared a report confirming that the number of Bitcoin ATMs has witnessed a dropped in the month of September. For the first time ever, a descending movement has been recorded for Bitcoin ATMs.
According to the report, it is due to the cryptocurrency market downfall that the usage of the Bitcoin ATMs has found itself being reduced. As less people are using Bitcoin, less Bitcoin ATMs are being used globally.
Therefore, the number of Bitcoin ATMs has started to go down and it is a troubling matter for the cryptocurrency industry.
Bitcoin ATMs Dropped to 37,980
According to CoinATMRadar report, the highest number of Bitcoin ATMs recorded were in the month of August. In the month of August, the total number of ATMs were 38,776.
However, the number has dropped and it has come down to 37,980 in the month of September. The report shows that a -2.05% drop has been recorded in the number of Bitcoin ATMs on a global level.
As per the report, a total of 796 Bitcoin ATMs were pulled from the global network of cryptocurrency ATMs.
Compared to the rest of the world, it is the United States where the highest drop rate has been recorded for Bitcoin ATMs. The United States alone recorded a drop of 825 ATMs in the month of September.
However, Canada, Europe, and other parts of the world stepped in to cover some of the loss with new installations.
14 ATMs Installed Per Day
Further data from CoinATMRadar suggests that a total of 14 ATMs for Bitcoin are being installed all over the world on a daily basis.
At present, Genesis Coin is the largest installer of Bitcoin ATMs. Its overall share for Bitcoin ATMs installed around the world is 40.3%. Other major Bitcoin installers include General Bytes and the other one is BitAccess.