Even though the statistic is rarely mentioned in the media, it is probably not shocking that the so-called “crypto winter” had a major, if uneven, effect on the total number of cryptocurrency ATMs still in operation worldwide.
In fact, even if the number kept increasing during the 2022 disasters, the demise of FTX proved to be a tipping point, as the number of ATMs started a sharp decrease that lasted from just over 35,000 in November of that year to little under 34,000 in April of 2023.
Although there was a brief uptick in May 2023, by July 2023 the total number of these devices had fallen to 32,479, marking a bottom. That bull market for cryptocurrencies, however, began in October with a big spike in the price of Bitcoin (BTC).
Which nation is introducing the most ATMs for cryptocurrency?
Unsurprisingly, the United States has the highest number of bitcoin ATMs of any nation—up to 31,170 as of the time of publication.
It is noticeable, although, that the press time figure is significantly lower than the top of 34,650, which was attained on August 1, 2022, even with the recent trend of growth.
If nothing else, this illustrates the severity of the harm inflicted by “crypto winter” and the harsh regulatory response that followed, although one that was first delayed.
However, data from other monitored nations and areas reveals that 2024 has brought with it an increase in the quantity of cryptocurrency ATMs installed as well as a record-high prevalence of these machines.
In sharp contrast to all other monitored nations and areas, Switzerland appears to have been unscathed not just by the majority of the crypto winter but also by the current bull market.
In fact, the number of Helvetian bitcoin ATMs began to decline in March of last year and dropped from a peak of 147 to 122 on April 24, 2024.
April 2024, Cryptoniteuae
