The global Bitcoin network continues to see declines, with 443 active ATMs switched off within the last 40 days. This update coincides with a recent decline in the price of Bitcoin (BTC), following short-term market volatility in the broader crypto market.
Data from Coin ATM Radar shows 227 crypto ATMs were removed from the global network, within the past 5 days. This comes after 107 Bitcoin ATMs were removed from operations in June, ending the 10-month trajectory of month-on-month increases in net installation.
Countries Shutting Down Their Bitcoin ATMs
Europe and the US have played a major role in the global decline of Bitcoin ATMs. The United States, home to about 82.6% of all Bitcoin and cryptocurrency ATMs worldwide, lost 182 ATMs in June and 239 ATMs in just the first week of July.
Europe follows behind with 29 ATMs shut down within the first week of July. Accordingly, the number of Bitcoin ATMs in Europe has reduced to 1,589. Meanwhile, countries like Australia, Canada, and Spain continue to see expansion in their Bitcoin ATMs.
Between July 1 and 5, Australia added 26 ATMs, Canada added 2 ATMs, and Spain 2 ATMs to the global network. Australia’s recent Bitcoin ATM installation is not surprising as the country has been doing so nonstop since January 2023.
Factors Fueling Global Bitcoin ATM Decline
Several factors appear to be contributing to the decline in global Bitcoin ATMs. Chief among these factors is the global crackdown by authorities to curb financial crimes. Previously, authorities, including the United States Secret Service’s Cyber Fraud and Money Laundering Task Force, investigated Bitcoin ATM operators and their involvement in crypto scams.
Another factor could also be the recent decline seen in BTC’s price. Within the past week, BTC has declined by 8.9% to trade at $55,551 per coin, according to CoinMarketCap’s data.
A Contrary Opinion
However, Bitcoin Depot, the leading Bitcoin ATM operator in the US, revealed a disconnect between Bitcoin’s price and its business. The company reported revenues of $689 million in 2023, a modest 6% increase compared to $647 million in 2022. This growth occurred despite a 155% surge in Bitcoin’s price during the same period. The company attributes this trend, in part, to the diverse applications its services offer.
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