During the year 2022, there was a decrease in the number of crypto ATMs throughout the world. Many crypto assets saw their value plummet as a result of the bear market and market sell-off.
In the second quarter of 2022, the number of crypto ATMs decreased significantly from 2,362 to 1,600. This was a significant 32.26 percent loss.
Crypto ATMs dotted the landscape of 2022 as it got under way. At the conclusion of the first quarter, there were 36,732 crypto ATMs in operation. On the contrary, the data from Coin ATM Radar shows that there were only 37,642 ATMs operating at the end of Q2.
Intriguingly, a rise in the number of crypto ATMs installed in 2021 was a result of the market’s growing value, which plunged drastically in 2022.
Bitcoin’s crash caused all the problems
When Bitcoin hit an all-time high of $68,000 in November of last year, its price plunged by 70%. Today, the asset’s price is struggling to maintain its current $20k level.
Due to Terra’s collapse and the subsequent bear market, Bitcoin’s value dropped by 56% in Q2. Different crypto companies have found the current industry to be incredibly tough. Many businesses have taken a break from operations, while others are on the brink of going out of business.
As a whole, bitcoin ATMs contribute to the wider acceptance of a broad range of digital assets. ATM transactions, on the other hand, have no effect on overall liquidity; rather, they let investors purchase cryptocurrency using fiat money.
The regulatory framework that is established by various nations’ agencies will influence the destiny of crypto ATMs. Criminals have also used crypto ATMs to commit fraud in the past.