Data: The number of Bitcoin ATMs decreased by more than 400 in the first two months of 2023

On March 1, according to Coin ATM Radar data, in the first two months of 2023, the number of cryptocurrency ATMs installed worldwide decreased by 412. Since 2014, the total number of encrypted ATMs has risen steadily. In the year from December 2020 to January 2022, more than 1000 cryptocurrency and bitcoin ATMs will be installed every month. However, the bear market has a direct impact on its growth.

Interpretation of this information:

The message above states that the number of cryptocurrency ATMs installed worldwide has decreased by 412 in the first two months of 2023, according to Coin ATM Radar data. This is a significant decrease from the steady rise in the total number of encrypted ATMs since 2014.

The year from December 2020 to January 2022 saw a surge in the installation of more than 1000 cryptocurrency and bitcoin ATMs every month. However, the recent bear market in the cryptocurrency industry has taken its toll on the growth of these ATMs.

Cryptocurrency ATMs, also known as Bitcoin ATMs, operate similarly to traditional ATMs but enable users to purchase, sell, and exchange cryptocurrencies. These machines have been gaining popularity worldwide since their inception in 2014, with more than 28,000 machines installed as of January 2022.

The decrease in the number of cryptocurrency ATMs installed in the first two months of 2023 indicates the impact of the bear market on the growth of this industry. The bear market is a prevalent term used when the prices of assets such as stocks, bonds, and cryptocurrencies decline for an extended period. When the cryptocurrency market experiences a bear market, it leads to a decrease in investor sentiment, which ultimately affects the growth and expansion of supporting businesses.

The virus outbreak had also affected the installation of cryptocurrency ATMs worldwide. The pandemic caused an overall economic slowdown, and businesses suffered from a lack of necessary investment. The decrease in the number of ATMs installed this year is a significant setback to the industry, but it does not imply that cryptocurrency ATMs will disappear altogether.

In summary, the decrease in the number of cryptocurrency ATMs installed worldwide in the first two months of 2023 reflects the impact of the bear market on the industry’s growth. Nevertheless, this does not necessarily signal the end of the industry. It is essential to note that cryptocurrency ATMs remain relevant and popular amidst the volatility of the cryptocurrency market.