October 16, 7:11 am
Although 2023 gave the crypto world a fresh start and brought optimism back to the market, Bitcoin ATMs continue losing popularity.
According to data presented by AltIndex.com, the number of Bitcoin ATMs has plunged by nearly 7,000 year-to-date, the biggest drop in the crypto market's history.
After probably the most brutal year in the crypto market`s history, the majority of crypto coins recovered in 2023. Still, their prices went through a rollercoaster ride in the first half of the year and are still deep below their all-time highs. The market volatility seen in the past ten months and the controversies about their potentially criminal use have put a new burden on Bitcoin ATMs, causing their number to drop to 2021 levels.
After reaching an all-time high of more than 39,100 in December 2022, the number of Bitcoin ATMs has been continually falling over the past ten months. The CoinATMRadar data show more than 1,500 ATMs supporting digital coins were removed in January, revealing the first signs of a negative trend. March saw an even bigger decline, with the number of Bitcoin ATMs falling by nearly 3,600 that month alone.
After more than 2,300 new machines added to the global Bitcoin ATM network in May and June, July brought the worst drop in 2023. Statistics show more than 4,000 BTMs were removed that month alone, the highest number in the market`s history. Since then, roughly 500 new Bitcoin ATMs were added to the market, but their total number remained at around 32,500, the figure last seen in December 2021.
Although the United States counts the highest number of crypto ATMs, most of the removed Bitcoin ATMs in 2023 were from the US market. According to CoinATMRadar data, US citizens could use over 26,700 crypto ATMs last week, down from 34,200 in December 2022.
But the United States still has eighteen times more Bitcoin ATMs than Europe, which had around 1,500 of these machines last week, practically the same as in December. Asia has by far the smallest number of ATMs supporting cryptocurrencies, or less than 350.
Analyzed by manufacturers, General Bytes remains the largest Bitcoin ATM producer globally, with a 32.6% market share in October. Genesis Coin ranked as the second-largest manufacturer with a 22% market share. BitAccess and Bitstop follow with 21.3% and 8.3% market shares, respectively.
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The information provided by AltIndex is solely for informational purposes and not a substitute for professional financial advice. Investing in financial markets carries inherent risks, and past performance doesn't guarantee future results. It's crucial to do your research, consult with financial experts, and align your financial objectives and risk tolerance before investing. AltIndex creators and operators are not liable for any financial losses incurred from using this information. Users should exercise caution, seek professional advice, and be prepared for the risks involved in trading and investing in financial assets, only investing what they can afford to lose. The information in this application, derived from publicly available data, is believed to be reliable but may not always be accurate or current. Users should verify information independently and not solely rely on this application for financial decisions. By using AltIndex, you acknowledge that it doesn't offer financial advice and agree to consult a qualified financial advisor before making investment decisions.
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