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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto ATM Installations Decrease By Over 5,000 In 2023 – Here’s Why

Semilore Faleti
Semilore Faleti
1 year ago
3 mins read
Crypto ATM

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The year 2023 has been quite eventful for the crypto industry, with several positives and negatives. In the latest development, Bitcoin and crypto ATM installations have dropped by more than 5,000 units in 2023 based on data from Coin ATM Radar.

Global Crypto ATM Network Records Heavy Decline In Q1 2023

Although the crypto market began the year with a bounce following the FTX crises, Coin ATM  Radar recorded that 1,587 Bitcoin ATMs were uninstalled and decommissioned in the month of January. 

Going into February, when several assets experienced a general price loss, the crypto ATM network saw some positives, with only 275 units going offline globally. 

However, the month of March was quite dreadful as 3,627 ATMs across the world were removed from the network representing the biggest monthly decline on the crypto ATM network in over nine years.

Crypto ATM

Source: coinatmradar.com

According to Coin ATM Radar, the total negative net change of ATM installations in 2023 so far is 5,489, leaving only 33,729 active ATMs operating all over the world. 

Of these lots, over 28,000 units are in the United States, accounting for over 84% of the global crypto ATM network. Other countries with a good presence of Bitcoin ATMs include Canada, Australia, Switzerland, etc.

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Behind The Decline

Since the introduction of the first Bitcoin ATM in 2013, crypto ATM net change has always been positive, barring a negative record in September 2022 and the first three months of this year.

That said, there could be various reasons behind this sudden and unusual drop in ATM installations. However, the most notable one appears to be a drastic reduction in the number of installed crypto ATMs in the United States going as far back as last year.

 Crypto ATM

Source: coinatmradar.com

According to Coin ATM radar, over 5,000 ATMs in the U.S. have gone offline between November 2022 and the present date. And although other nations such as Australia, Canada, Spain, and other crypto-friendly countries have recorded positive Bitcoin ATM growth in this same period, the dominance of the U.S. paints a rather gloomy picture for the global crypto ATM network.

The negative ATM installation growth in the U.S. could be as a result of several factors, including the crypto winter that occurred in late 2022 and its ripple effects which led to the collapse of some U.S. crypto-friendly banks earlier this year.

That said, it remains unknown how long this decline in ATM installations will continue. However, many could hope for a recovery soon as these teller machines are vital to the mainstream adoption of cryptocurrency worldwide. 

Crypto ATM

Total crypto market valued at $1.15 T | Source: TOTAL Chart on Tradingview.com

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Featured Image: Finbold, Chart from Tradingview, Coin ATM Radar
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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