By George Ward
Despite the increasing worldwide acceptance of Bitcoin (BTC), the number of physical ATMs designed for exchanging fiat currency for cryptocurrency is decreasing. During March, data shows that 3,627 cryptocurrency ATMs were shut down, which reduced the overall count to 33,727.
A Negative Net Change In Crypto ATM Installations
Since the introduction of the first BTC ATM on 29 October 2013, the monthly net change in the number of crypto machines being removed and installed has been mostly positive, indicating a steady global increase in cryptocurrency ATMs. However, Coin ATM Radar’s data analysis suggests that the trend is now reversing.
According to the data, there has been a decrease in the net installation of cryptocurrency ATMs for four consecutive months, from Sept. 2022 to Mar. 2023. Notably, March 2023 saw the most significant monthly decline with the shutdown of nearly 3,630 Cryptocurrency ATMs
The analysis graph displays a timeline of the installation of BTC machines, indicating a sharp decline in the overall number of cryptocurrency ATMs. This decrease is substantial compared to the highest monthly installation of 2,048 ATMs, which occurred in Jan. 2021.
However, there is a positive development as 1 April marked a break in the three-month declining trend following the installation of 37 cryptocurrency ATMs. The current leading manufacturers in the market for cryptocurrency ATMs are Genesis Coin, BitAccess, and General Bytes.
In March, General Bytes experienced one “security incident” when there was an unauthorized access to its client’s hot wallets, causing them to lose their funds. In response, the company has promised to compensate the affected customers for their losses.
“Taking immediate measures to prevent any future unauthorized entry to our systems. We are devoted to safeguarding our client’s interests,” General Bytes stated in a released statement.
Bitcoin’s 21% Price Surge In March Was Its Largest Yield Since Q1 2021
On 30 March, Bitcoin’s price surged to a new yearly milestone, briefly surpassing the $29K point, amidst recent regulatory crackdowns on cryptocurrency firms within the US.
Per a report from Coinbase Exchange, the price of BTC reached $29,134, comparable to the levels observed just before the fall of the crypto marketplace, FTX, at the beginning of November 2022.
Over the last ten days, BTC’s price has been unstable, hovering below the $30K point, as observed on the chart. The past quarter has seen BTC gain approximately 63%, which prepares it for its strongest quarter since its gain of 104% in the Q1 of 2021.
Despite the regulatory crackdowns, such as the lawsuit filed by the United States Commission for Commodities Futures Trading (CFTC) against the CEO of Binance– Changpeng Zhao (CZ), the company, Bitcoin, and crypto market’s growth continues to take place.