• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin ATM Network Sees Decrease in Global Network

user avatar

by Giorgi Kostiuk

2 years ago


The global network of Bitcoin ATMs has faced a decline of 334 machines in less than 40 days, coinciding with a drop in the price of Bitcoin. In June, 107 Bitcoin ATMs went offline, halting the 10-month trend of monthly installations. This decline was further exacerbated in July as 227 crypto ATMs were removed from the global network within five days. As countries like Australia and Spain expand their Bitcoin ATM presence, the United States and Europe have contributed the most to the global decrease. The US, hosting approximately 82.6% of the total Bitcoin and crypto ATMs worldwide, closed 182 ATMs in June and another 239 in the first week of July. Europe lost 29 ATMs in July, reducing the total number to 1,589 crypto ATMs. On the other hand, Australia added 77 new Bitcoin ATMs to the global circulation. The ongoing decrease in crypto ATMs might be linked to the global pressure authorities are applying to prevent financial crimes. US officials, including the Secret Service's Cyber Fraud and Money Laundering Task Force, have previously investigated Bitcoin ATM operators and their involvement in crypto frauds. The largest ATM operator in the US, Bitcoin Depot, revealed that there is no correlation between cryptocurrency prices and revenues. Despite Bitcoin's 155% surge in 2023, Bitcoin Depot reported only a 6% increase in annual revenue. The lack of correlation between Bitcoin Depot's revenues and Bitcoin prices is partly due to the nature of the provided services, according to company officials who mentioned that most users utilize their products and services for non-speculative purposes such as money transfers, international remittances, and online purchases.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

GPT55 Instant Enhances Accuracy and Personalization for ChatGPT Users

chest

GPT55 Instant improves accuracy and personalization for ChatGPT users, particularly in medical responses.

user avatarAndrew Smith

OpenAI Introduces GPT55 Instant as Default Model for ChatGPT Users

chest

OpenAI has launched GPT55 Instant as the default model for ChatGPT users, enhancing user experience by reducing hallucinations and improving accuracy.

user avatarJacob Williams

Pennsylvania Takes Legal Action Against CharacterAI for Misleading Medical Practices

chest

Pennsylvania has filed a lawsuit against CharacterAI for allowing chatbots to impersonate licensed medical professionals and provide misleading information.

user avatarZainab Kamara

Solana Executive Declares End of XRP War

chest

Vibhu, a Solana executive, claims the competition with XRP has ended after the integration of wrapped XRP on the Solana network.

user avatarSon Min-ho

David Schwartz Clarifies His Position on XRP Holdings

chest

Former Ripple CTO David Schwartz clarified that his primary exposure to the cryptocurrency sector is now through Ripple stock rather than XRP, having significantly reduced his XRP holdings.

user avatarAyman Ben Youssef

Crypto Analyst Predicts BNB Price Could Reach $12,000

chest

Crypto analyst Crypto Patel predicts BNB price could reach $12,000 based on technical analysis and developments in the BNB Chain.

user avatarTando Nkube

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.