Many facets of the crypto industry have been hit hard by the market downturn, including the use and installation of crypto ATMs.
Over the years, the growth of crypto ATM installs had steadily increased, jumping slightly in August to about 34,123as Bloomberg first reportedquoting data by Crypto ATM Radar. But in recent months things have changed and, for the first time in September, more crypto ATMs have been removed only installed in the United States
That month, the price of Bitcoin hit a two-month low around $18,000and he continued to fail.
Although the number of crypto ATMs installed rebounded slightly in October and continued into November, the drop in September shows how the crypto sector was struggling to recover even before the collapse of crypto exchange FTX and the apparent plot by Sam Bankman-Fried.
Once FTX filed for bankruptcy in November, Bitcoin fell further, alongside the larger cryptocurrency market. Bitcoin is currently trading at around $16,000down 77% from its all-time high a year ago.
In turn, “money routed” through crypto ATMs across the globe fell to $230 million in October from $349 million in January 2021, according to Bloomberg. “The drop came even as the number of machines installed worldwide nearly tripled during the period. This implies a decrease of approximately 75% of the value generated by the average unit. »
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