The domino effect of a prolonged bear market seeped into the Bitcoin (BTC) ATM ecosystem as September 2022 recorded negative growth in global net installations for the first time in history — primarily driven by a slowdown in the United States.
The total number of Bitcoin ATMs installed over time fell to 37,980 in Sept. from an all-time high of 38,776 ATMs in August — resulting in a drop of -2.05%, as evidenced by data from CoinATMRadar.
Data on net changes of crypto ATM installations confirm that, in September, 796 crypto ATMs were pulled off from the global network. The United States alone recorded a reduction of 825 ATMs. However, Europe, Canada and a few other jurisdictions cushioned the downfall with new installations locally.
Despite the setback, data based on 60 days suggest that nearly 14 crypto ATMs are being installed globally per day, with Genesis Coin representing a 40.3% share of ATMs among other manufacturers. Other popular crypto ATM manufacturers include General Bytes and BitAccess.
The sudden reduction in the crypto ATM installations can be attributed to geopolitical tensions among factors, including lack of regulatory clarity and market uncertainties.
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 crypto ATMs after 2014, spearheaded by local crypto exchange Gaia Co. Initially, new ATMs will be installed across Tokyo and Osaka. The firm plans to set up 50 BTMs across the country by August 2023.
As Cointelegraph reported, Gaia became the first locally-registered crypto company to have installed crypto ATMs in Japan.