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Coin ATM Radar Reports Decrease in Global Crypto ATM Numbers

Coin ATM Radar Reports Decrease in Global Crypto ATM Numbers WikiBit 2023-04-04 17:58

Coin ATM Radar reports that over 3,600 crypto ATMs went inactive in March alone, representing a decline of 13.91% in the total number of crypto ATMs since the end of 2022. The decline in crypto ATMs has been happening in stages, with the first notable loss in September 2022 and the largest decline occurring in March 2023 due to the General Bytes hack. DeFi systems and regulatory changes could be to blame for the decline in Bitcoin ATMs.

Coin ATM Radar, a gathering website for automated teller machines (ATMs) that accept cryptocurrencies, reports a recent decline in the number of crypto ATMs globally. Over 3,600 crypto ATMs went inactive in March alone, a decline of 13.91% in the total number of crypto ATMs since the end of 2022. By the end of 2022, 39,179 crypto ATMs were operational worldwide.

The decrease in crypto ATMs has been happening in stages; the first notable loss was 399 crypto ATMs going inactive in September 2022. The second major loss occurred in January when 1,587 cryptocurrency ATMs stopped working. In February, there was a less pronounced drop, with 275 Bitcoin ATMs coming inactive.

The General Bytes hack, which occurred on March 17 and 18, resulting in a loss of more than $1.5 million in Bitcoin, corresponded with the month's largest decline. According to statistics, there are 33,728 crypto ATMs in operation worldwide as of April 1, 2023.

Globally, General Bytes machines make up the highest percentage of crypto ATMs—28.5% of all machines—while Bitaccess devices take up 20.2% of the market. Globally, Genesis Coin ATMs make up 17% of the market, while Coincloud units make up 12.7%.

The United States has the most Bitcoin ATMs in the world, with over 28,000 functioning there. Canada has more than 2,600 Bitcoin ATMs, ranking second only to Australia and Spain in terms of the overall number.

When examining the statistics on the development of the production of crypto ATMs, Bitaccess saw a drop while General Bytes saw an increase. Though much less than the decrease experienced by Bitaccess between February and March, Genesis Coin also experienced a decline.

While the decline in crypto ATMs is concerning, it is essential to note that it does not necessarily imply that the crypto market is doing well. The coin business is growing at an incredible rate as more people embrace cryptocurrencies. However, a number of factors, such as regulatory changes and the shift to online transactions, could be to blame for the decline in Bitcoin ATMs.

The growth of decentralized finance (DeFi) systems, which provide more available and practical methods to acquire and use coins, may also be a factor in the fall of cryptocurrency ATMs. DeFi platforms are an appealing alternative to conventional banking and financial services because they enable users to give, borrow, and make income on their coins.

In conclusion, the global decrease in cryptocurrency ATMs is a noteworthy development that might have an impact on the cryptocurrency market. However, it is crucial to consider this development in light of other market trends, such as the expansion of DeFi networks and the rising use of cryptocurrencies. We can anticipate more developments and inventions as the cryptocurrency market continues to change, which will influence the direction of this fascinating sector going forward.

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Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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