Skip to main content

Crypto ATMs Vanish at Rapid Rate in 2023, Data Highlights Downward Trend Peaked in July

Crypto ATMs Vanish at Rapid Rate in 2023, Data Highlights Downward Trend Peaked in July

2023 has marked a notable decline in the number of crypto automated teller machines worldwide, plunging to levels not seen since November 2021. Data from coinatmradar.com reveal that July witnessed the steepest fall, with 4,123 crypto ATMs vanishing from the industry.

The Ebb and Flow of Crypto ATMs: 2023 Sees Major Fall from Grace

Thousands of crypto ATMs are now out of service. A vast majority of these machines vanished from the market this year, and by October 23, 2023, coinatmradar.com reported a total of 32,704 crypto ATMs globally. This figure pales in comparison to the record high of 39,353 units in August 2022, signifying that about 6,649 once-active crypto ATMs are now defunct.

March 2023 experienced a significant downturn with 3,568 machines going offline. Yet, July 2023 outpaced it, seeing 4,123 units discontinued. Following the slump in March, both April and May witnessed a slight resurgence in installations, a trend that also persisted post-July. October took the lead in new additions after the large dip, though it hasn’t fully offset the setbacks from July.

With the current count being 6,649 units shy of the August 2022 peak, it’s roughly on par with figures from November 2021. In terms of the largest operators, Bitcoin Depot reigns supreme with 6,306 crypto ATMs, constituting 19.3% of the global total. Coinflip trails in second place with 4,017 units, while Bitstop secures the third spot with 2,753 machines. Rockitcoin, Coinhub, and Athena Bitcoin round out the leading pack of five.

A dominant 32,693 crypto ATMs globally support bitcoin (BTC), with 18,141 accommodating other digital currencies alongside BTC. The most favored assets, apart from BTC, are litecoin (LTC), ethereum (ETH), and bitcoin cash (BCH). Moreover, 3,586 units cater to tether (USDT) users, and 2,208 facilitate transactions in Circle’s usd coin (USDC). While the crypto ATM count has dwindled by 16.89% since August 2022, it’s still 805 units above the July low of 31,899.

What do you think about the number of crypto ATMs dropping this year? Why do you think this is happening? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/sAWFB52
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more