The Decline of Crypto ATMs: A Significant Drop in 2023
In 2023, there has been a noticeable decrease in the number of crypto automated teller machines (ATMs) worldwide, reaching levels not seen since November 2021. According to data from coinatmradar.com, July witnessed the sharpest fall, with 4,123 crypto ATMs disappearing from the industry.
A Steady Decline in Crypto ATMs
Throughout this year, thousands of crypto ATMs have gone out of service. By October 23, 2023, coinatmradar.com reported a total of 32,704 crypto ATMs globally. This is a significant drop compared to the record high of 39,353 units in August 2022, indicating that approximately 6,649 once-active crypto ATMs are now inactive.
Monthly Trends and Fluctuations
In March 2023, there was a notable downturn with 3,568 machines going offline. However, July 2023 surpassed this decline by seeing 4,123 units discontinued. Following the slump in March, there was a slight increase in installations in both April and May, which continued after July. While October saw more new additions after the dip, it hasn’t fully recovered from the setbacks experienced in July.
Leading Crypto ATM Operators
Among the largest operators in the industry, Bitcoin Depot holds the top position with 6,306 crypto ATMs, accounting for 19.3% of the global total. Coinflip comes second with 4,017 units, while Bitstop secures the third spot with 2,753 machines. Rockitcoin, Coinhub, and Athena Bitcoin round out the top five operators.
Preferred Cryptocurrencies and Asset Support
Globally, there are 32,693 crypto ATMs that support bitcoin (BTC), with 18,141 of them accommodating other digital currencies alongside BTC. The most popular assets, in addition to BTC, are litecoin (LTC), ethereum (ETH), and bitcoin cash (BCH). Furthermore, 3,586 units cater to tether (USDT) users, and 2,208 facilitate transactions in Circle’s usd coin (USDC). Despite the 16.89% decline in crypto ATM count since August 2022, the current number is still 805 units higher than the July low of 31,899.
Hot Take: The Changing Landscape of Crypto ATMs
The decline in the number of crypto ATMs worldwide in 2023 reflects a shifting landscape for these machines. Factors such as market fluctuations and regulatory changes may be contributing to this downward trend. While the industry has experienced setbacks, it remains a vital part of the crypto ecosystem. As preferences for cryptocurrencies evolve and regulations continue to develop, it will be interesting to see how the crypto ATM market adapts and transforms in the coming years.
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