An extended bear market sent a domino effect into the Bitcoin (BTC) ATM ecosystem as September 2022 recorded the first-ever negative growth in global net shipments.
The total number of Bitcoin ATMs installed in September fell to 37,980 from August’s peak of 38,776 ATMs – resulting in a decrease of -2.05%, according to data from CoinATMRadar.
Changes in crypto ATM installations confirm that 796 crypto ATMs were withdrawn from the global network in September. The United States alone recorded a decrease of 825 ATMs. However, Europe, Canada and a few other territories offset the decline with new domestic installations.
Despite the setback, data based on 60 days indicates that around 14 crypto ATMs are being installed globally per day, with Genesis Coin having a 40.3% share of ATMs among other manufacturers. Other popular crypto ATM manufacturers include General Byte and BitAccess.
The sudden drop in crypto ATM shipments is attributed to factors including geopolitical tensions, lack of regulatory transparency, and market uncertainty.
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Although crypto ATM installations have taken a temporary hit due to external factors, countries continue to show interest in having functional crypto ATMs within their borders.
Most recently, Japan decided to reintroduce it after 2014. The organization plans to set up 50 BTMs across the country by August 2023.
Cointelegraph reports that Gaia has become the first domestically registered crypto company to install crypto ATMs in Japan.