The declining trend of Bitcoin and cryptocurrency ATMs around the world was disrupted in May, as the month witnessed a sharp increase in net installations, with nearly 1,400 new machines added to the global network.
Following a continuous decrease in the overall count of cryptocurrency ATMs in the initial months of 2023, the installation of such ATMs experienced a noteworthy revival in countries including Australia, Poland, and Spain, while major economies like the United States and Europe witnessed a decline.
According to Coin ATM Radar data, the global crypto ATM network witnessed a decline of 5,850 machines in the first four months of 2023, but May saw a positive trend with the addition of 1,397 ATMs, indicating a rebound in the market.
Bitcoin ATMs play a vital role as physical entry points for individuals to convert fiat currencies into cryptocurrencies, and Australia has made impressive strides in 2023, with the installation of 233 ATMs, propelling it to the position of the third-largest crypto ATM hub globally.
Despite the overall downward trend, the United States continues to hold a dominant position, representing 84.7% of crypto ATMs globally, followed by Canada at 7.6%.
As of the time of writing, there are currently 35,069 operational ATMs worldwide. However, recent security concerns have arisen following a breach that occurred at Bitcoin ATM manufacturer General Bytes.
The rise in crypto ATM installations during May suggests a potential market trend shift, reflecting increased interest and adoption of cryptocurrencies globally, with the future trajectory determining the expansion of the global crypto ATM network and improved accessibility to digital currencies for users worldwide.
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