While bitcoin is steadily building its acceptance in all financial sectors and recently its exchange rate has also found itself, there are also processes in other directions. In March alone, 3,627 bitcoin ATMs were taken off the network. Thus, by the end of the month, the number of crypto machines decreased to 33,727. The first bitcoin machine was launched on October 29, 2013. Since then, in the majority of cases, the balance of the ATMs connecting to and disconnecting from the network has been positive. Now it’s Coin ATM Radar numbers show that this trend has changed.
Could the downward trend in the number of bitcoin ATMs begin to rise together with the exchange rate?
As can be seen in the chart, in the four months between September 2022 and March 2023, more ATMs were shut down than were put into operation. And March was a particularly big drop, a shutdown of this magnitude has never been seen in a month. The reason why this decrease is so worrying is that the highest number of new bitcoin ATMs ever installed in one month was 2,048, back in January 2021. What’s more, the picture also shows that the installation of automatic machines has been steadily increasing for years.
Of course, there is better news on this front as well. On the one hand, for example, on the first of April, breaking a three-month negative trend, 37 crypto machines were put into operation. In terms of crypto ATMs, the market leaders are still BitAccess, Genesis Coin, and General Bytes, which recently ran into problems due to a security breach. Incidentally, in that case, customers also suffered serious damages in March. The company undertook to reimburse them and promised to proactively resolve similar errors in the future.
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