Cryptocurrency ATM Installation Down 90%
Cryptocurrency ATM installations worldwide drop by 90%, marking a downward trend until May 2022
Global ATM installations fell steadily so far in 2022, registering the lowest number in May with 205 new equipment, which is equivalent to a drop of around 89.75% in the month, a figure that was not seen since 2019. However, so far in June there has been a slight recovery.
One of the factors that impacted the slowdown in ATM installations globally highlights “China’s imposition of a blanket on cryptocurrency trading and mining.”
According to the Coin ATM Radar measurement scale, which is based on the data collected in the last two months, the daily average of ATM installations in the world is equivalent to 23 pieces of equipment and there are currently “38,000 operating ATMs installed.” across the globe.
These equipments fulfill a “crucial” function for the economy of the cryptographic system because it facilitates the exchange of fiduciary currencies to digital currencies and vice versa for both users and investors.
2021 year of maximum growth for ATMs
Since 2020, cryptocurrency ATM installations have registered a constant growth driven by a favorable regulatory context and an expansion of the cryptographic market worldwide, where different cryptocurrencies reached their historical superlative value.
Cryptocurrency ATM installations peaked in 2021, with 1,971 ATMs installed in December of that year alone. The United States is the country with 33,403 ATMs installed, which is equivalent to 87.9% of the total network of cryptocurrency ATMs.
The leading manufacturers in the market are: Genesis Coin with 40.9% of the market share, followed by General Bytes with 21.6%. The third place is occupied by BitAccess with 16.1% of the market, followed by Coinsource with 5.4% and Bitstop with 4.8%, closing the first five places in the market.
A highly important variable that drove the growth of cryptocurrency ATM installations was El Salvador’s decision to assume bitcoin as its legal tender in its territory.
M. Rodríguez
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Source: cryptocity.press
