Friday, June 21, 2024

The Retreat of Crypto ATMs in 2023: Coinatmradar Data Points to July as Nadir

In a significant development this year, the worldwide count of crypto automated teller machines (ATMs) has experienced a sharp decline, reaching numbers not observed since November of 2021. Coinatmradar.com’s data indicates that the most precipitous drop occurred in July, when 4,123 crypto ATMs were removed from the marketplace.

Waning Fortunes: 2023 Witnesses Pronounced Decrease in Crypto ATM Presence

The landscape of crypto ATMs has seen a considerable contraction, with a large fraction of these machines disappearing from the market within the year. As of October 23, 2023, coinatmradar.com cites a global total of 32,704 crypto ATMs. This represents a significant decline when juxtaposed against the all-time high of 39,353 units recorded in August 2022, implying that approximately 6,649 previously operational crypto ATMs are now inoperative.

Growth and Decline Dynamics up to October 23, 2023: Source: coinatmradar.com

The month of March 2023 marked an important downturn, seeing 3,568 ATMs deactivated. However, July 2023 surpassed this figure with 4,123 units being discontinued. Although the months of April and May showed a modest rebound in installations, this uptick continued after July but was not sufficient to completely counterbalance the substantial reductions from earlier in the year. October did witness the most significant number of new installations post-decline, but it fell short of mitigating the loss fully.

Fluctuations in Net Change as of October 23, 2023: Source: coinatmradar.com

Currently, the total number of operational ATMs is 6,649 units below the peak figures of August 2022, closely aligning with statistics from November 2021. Among the leading operators, Bitcoin Depot commands the market with 6,306 crypto ATMs, making up 19.3% of the worldwide tally. Coinflip occupies the second position with 4,017 units, followed by Bitstop with 2,753 machines. The top five is rounded off by Rockitcoin, Coinhub, and Athena Bitcoin.

Most of these ATMs—32,693 to be exact—provide support for bitcoin (BTC), while 18,141 also offer services for other digital currencies in addition to BTC. The most commonly supported alternative assets include litecoin (LTC), ethereum (ETH), and bitcoin cash (BCH). There are also 3,586 ATMs that serve tether (USDT) users and 2,208 that handle transactions in Circle’s USD Coin (USDC). Despite witnessing a 16.89% decrease in the total count of crypto ATMs since August 2022, the current number is still 805 units higher than the lowest point reached in July, which stood at 31,899.

We invite you to share your perspectives on the decline in the number of crypto ATMs this year. What factors do you believe are contributing to this trend? Kindly express your views and insights on this topic in the comments section.

Frequently Asked Questions (FAQs) about Crypto ATMs decline 2023

What is the primary focus of the article?

The article primarily focuses on the significant reduction in the number of crypto ATMs globally in the year 2023. It uses data from coinatmradar.com to highlight trends, key months of increase or decrease, and the current status of the market.

What was the most dramatic month for the decline of crypto ATMs in 2023?

The most dramatic decline occurred in July 2023, when 4,123 crypto ATMs were discontinued, according to data from coinatmradar.com.

How does the current number of crypto ATMs compare to the peak number?

As of October 23, 2023, there are 32,704 crypto ATMs worldwide. This is a substantial decrease from the peak number of 39,353 units recorded in August 2022, meaning approximately 6,649 ATMs are now inactive.

Who are the leading operators in the crypto ATM market?

As of the data provided, Bitcoin Depot is the leading operator, controlling 19.3% of the market with 6,306 crypto ATMs. It is followed by Coinflip with 4,017 units and Bitstop with 2,753 machines.

Which digital currencies are most commonly supported by crypto ATMs?

Bitcoin (BTC) is supported by a dominant 32,693 ATMs. Other frequently supported digital currencies include litecoin (LTC), ethereum (ETH), and bitcoin cash (BCH). Tether (USDT) and Circle’s USD Coin (USDC) are also accommodated by some ATMs.

Has the crypto ATM market recovered since the declines?

Although there were modest rebounds in installations in April, May, and October 2023, these have not fully offset the significant losses from earlier in the year, particularly those in March and July.

What percentage of decline has been noted since the peak in August 2022?

The crypto ATM market has contracted by approximately 16.89% since reaching its peak in August 2022.

Are there any ATMs that support alternative assets apart from Bitcoin?

Yes, 18,141 crypto ATMs support other digital currencies in addition to Bitcoin. The alternative assets most commonly supported are litecoin, ethereum, and bitcoin cash. Tether and Circle’s USD Coin are also supported by a smaller number of machines.

More about Crypto ATMs decline 2023

  • Coinatmradar.com: The source of the data and information regarding the crypto ATM market trends in the article.
  • Bitcoin Depot: Information about one of the leading operators in the crypto ATM market.
  • Coinflip: Details about another prominent operator in the crypto ATM industry.
  • Bitstop: Information on Bitstop, one of the top

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