Global Crypto ATM Installations Experience Rebound in May, Signaling Potential Market Shift

Global Crypto ATM Installations Experience Rebound in May, Signaling Potential Market Shift

Bitcoin news, News

The global network of Bitcoin and cryptocurrency ATMs witnessed a remarkable surge in installations during the month of May, breaking the previous declining trend. According to data from Coin ATM Radar, nearly 1,400 new machines were added, indicating a positive market rebound. Notably, countries such as Australia, Poland, and Spain drove this increase, while the United States and Europe saw a decrease in installations.

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In the first four months of 2023, the global crypto ATM network experienced a decline of 5,850 machines. However, May’s upward trend with the addition of 1,397 ATMs points to a potential shift in the market. Bitcoin ATMs serve as physical gateways for individuals to convert fiat currencies into cryptocurrencies, and Australia has made significant progress in this regard. The country installed 233 ATMs in 2023, establishing itself as the third-largest crypto ATM hub globally.

Despite the overall decline, the United States remains the dominant player in the crypto ATM market, accounting for 84.7% of the machines worldwide. Canada follows behind with a share of 7.6%.

As of now, there are 35,069 operational ATMs globally. However, recent security concerns have emerged following a breach at Bitcoin ATM manufacturer General Bytes, raising awareness about the need for robust security measures in the industry.

The increase in crypto ATM installations during May reflects a potential shift in the market trend and signifies the growing interest and adoption of cryptocurrencies on a global scale. The trajectory of the industry in the coming months will determine the expansion of the global crypto ATM network and improved accessibility to digital currencies for users worldwide.

Compiled by Coinbold