Crypto ATMs are electronic machines designed to allow users to buy, sell or exchange cryptocurrencies. This, using traditional currencies, such as the US dollar or the euro. Their numbers have dropped drastically.
Mass disappearance of crypto ATMs since March
The overall crypto ATM landscape is undergoing a significant transformation. Data from coinatmradar.com revealed a sharp downward trend in recent months.
Information show that July marks the peak of the crypto ATM exodus. The direct consequence of this dynamic is that 4,123 machines have disappeared from the sector.
But this decline actually started in March 2023, with 3,568 machines leaving the crypto scene. A decline which no longer continued in April and May, these two months having seen a slight increase in the number of these installations.
If the trend subsequently resumed after July, it will fade in October. So far, this month has seen the highest number of new additions since the July drop, although it has not mitigated the losses suffered that month.
The ATM segment in dire straits?
The data provided by coinatmradar.com does not clearly indicate what could have caused such a massacre within the crypto ATM sector. One might imagine that this has to do with the overall gloomy circumstances of the industry.
What coinatmradar.com seems to be saying, however, is that this crypto industry ecosystem is now facing a considerable reduction in the number of these machines. As of October 23, 2023, the latter are of the order of 32,704. This figure contrasts remarkably with the record number of 39,353 ATMs reported in August 2022. Which probably reflects a decrease of around 6,649 ATMs on the period.
Remember that the crypto ATM market remains particularly dominated by Bitcoin Depot. The company is predominant with 19.3% market share for 6,306 crypto ATMs operated. The company is followed by Coinflip (4,017 machines operated) and Bitstop (2,753 machines).
Globally, a significant portion of crypto ATMs support bitcoin (BTC). 18,141 of them can accommodate in addition to BTC, other cryptocurrencies such as litecoin (LTC), ether (ETH) and bitcoin cash (BCH).
Receive a summary of the news in the world of cryptocurrencies by subscribing to our new service daily and weekly so you don’t miss anything of the Tremplin.io essentials!
