While the metric finds itself in the news only infrequently, it probably does not come as a surprise that the ‘crypto winter’ had a significant – if staggered – impact on the number of extant cryptocurrency ATM machines in the world.
Indeed, though the number continued rising throughout the calamities of 2022, the collapse of FTX proved a breaking point, after which the number of ATMs entered into a decisive decline and fell from just over 35,000 in November of the year to just under 34,000 in April 2023.
While May brought a recovery, it was short-lived and by July 2023, the number of these machines found a bottom at 32,479. The crypto market bull run, however, which started with a significant Bitcoin (BTC) rally last October proved another breaking point.
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As a result, the chart has since turned positive, and between January 1, 2024, and press time on April 24, the number of crypto ATMs surged from 35,715 to 37,657 – by 1,942 – per the data retrieved from Coin ATM Radar.
Which country is adding the most crypto ATMs?
Perhaps unsurprisingly, no single country has more cryptocurrency ATMs than the U.S., which, by press time, boasts as many as 31,170.
It is, however, noteworthy that, despite the recent trend for growth, the press time number is substantially below the peak of 34,650 which was reached on August 1, 2022.
This, if nothing else, demonstrates the extent of the damage caused by ‘crypto winter,’ and the initially belated but subsequently brutal regulatory response.
Other tracked countries and regions, however, show that 2024 has brought both an uptrend when it comes to the number of installed cryptocurrency ATMs and their prevalence at record highs.
For example, the E.U. as a whole, as of April 2024, boasts 1,617 such machines – compared with 1,549 on January 1.
The chart is most striking for Australia, which has – after installing next to no new machines for years – kept continuously adding additional cryptocurrency ATMs since September 2022 and now boasts as many as 1,007.
Switzerland, however, stands in stark contrast to all other tracked countries and regions as the country was not only seemingly unaffected by much of the crypto winter but is also unaffected by the ongoing bull market.
Indeed, the number of Helvetian cryptocurrency ATMs started decreasing last March and has fallen to 122 by April 24, 2024, from a peak of 147.
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