The domino effect of a prolonged bear market seeped into the Bitcoin (BTC) ATM ecosystem as September 2022 recorded negative growth in global net installs for the first time ever , driven primarily by a slowdown in the United States.
The total number of Bitcoin ATMs installed over time fell to 37,980 in September from an all-time high of 38,776 ATMs in August, resulting in a -2.05% drop, as data from CoinATMRadar prove.
Data on the net changes of crypto ATM installations confirms that in September, 796 crypto ATMs were removed from the global network. The United States alone saw a reduction of 825 ATMs. However, Europe, Canada and some other jurisdictions cushioned the decline with new local installations.
Despite the setback, data based on 60 days suggests that nearly 14 crypto ATMs are being installed worldwide per day, with Genesis Coin accounting for a 40.3% share of ATMs among other manufacturers. Other popular crypto ATM manufacturers include General Bytes and BitAccess.
The sudden reduction in crypto ATM installations can be attributed to geopolitical tensions among factors including lack of regulatory clarity and market uncertainties.
Related: How Bitcoin ATMs work in Greece during a record tourist season
Although crypto ATM installations have seen temporary success due to external factors, countries continue to show interest in having functional ATMs within their borders.
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More recently, Japan decided to reintroduce crypto ATMs after 2014, led by local cryptocurrency exchange Gaia Co. Initially, new ATMs will be installed in Tokyo and Osaka. The company plans to set up 50 BTMs across the country by August 2023.
As reported by Cointelegraph, Gaia became the first locally registered crypto company to install crypto ATMs in Japan.
