Ongoing bear market in the crypto industry from 2022 has also triggered the decline in crypto ATM numbers. The year-long downward trend in Bitcoin (BTC) and crypto ATMs around the world was finally broken in May. A total of 1,400 crypto ATMs were installed globally last month.
The total number of crypto ATMs worldwide has experienced a steady decline in the first four months of 2023. During this time, the number of ATMs decreased in major economies such as the USA and Europe, while Australia, Poland and Spain managed to increase the installation of crypto ATMs in their respective regions.
Crypto ATM installations increased with the month of May. Net crypto ATMs worldwide have decreased by 5,850 in the first four months of 2023. However, in May, 1,397 machines were added back to the global crypto ATM network, according to data from Coin ATM Radar.
While crypto ATMs do not contribute to the growth of the Bitcoin network, they do serve as a physical gateway for people to exchange fiat currencies for crypto. In 2023 alone, Australia has installed a total of 233 ATMs, making it the third largest crypto ATM hub in the world.
Despite the year-round decline, the United States continues to maintain its leading position, representing 84.7 percent of the world's crypto ATMs. Canada follows it with 7.6 percent. There are 35,069 ATMs in active service worldwide.
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