• 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

Strategy MSTR's Bitcoin Sale Sends Shockwaves Through Crypto Market

chest

Strategy MSTR sold Bitcoin for the first time in nearly four years, offloading 32 BTC for approximately $25 million, causing a psychological impact on traders.

user avatarAisha Farooq

Farage's Crypto Ties Under Scrutiny Amid Fundraising Success

chest

Nigel Farage's connections with cryptocurrency donors are under scrutiny due to a £6.7 million gift from Christopher Harborne, leading to a parliamentary inquiry about political donation transparency.

user avatarTenzin Dorje

Michael Saylor Analyzes Bitcoin's Evolution and Its Four Camps

chest

Michael Saylor analyzes Bitcoin's evolution, categorizing its community into four groups: Maximalists, Capitalists, Technologists, and Fundamentalists, reflecting growth and differing perspectives on its future.

user avatarBayarjavkhlan Ganbaatar

FOMC Decisions Could Shape Bitcoin's Future

chest

The upcoming FOMC meeting's decisions on interest rates will significantly impact Bitcoin prices, with potential for bullish or bearish trends depending on the outcome.

user avatarElias Mukuru

Market Anticipates FOMC Meeting Outcomes

chest

The upcoming FOMC meeting on June 16-17, 2023, is expected to keep interest rates unchanged, influencing market sentiment and Bitcoin prices.

user avatarMohamed Farouk

Bitcoin Miner Inflows Surge to Binance Amid Market Decline

chest

Bitcoin miner inflows to Binance reached a significant high of 24,716 BTC on June 2, indicating potential supply-side pressure in the market.

user avatarDiego Alvarez

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.