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Declining Growth of Cryptocurrency ATM Installations Amid Bear Market

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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 20…

Declining Growth of Cryptocurrency ATM Installations Amid Bear Market

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.

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

Interpretation of the news:


The latest data released by Coin ATM Radar showcases a decline in the number of cryptocurrency ATMs worldwide installed in the first two months of 2023, marking a significant shift in the trend since 2014. As per the report, the number of such ATMs has reduced by 412, inferring that the bear market has affected the growth of the digital currency market.

For years, the growth of cryptocurrency ATMs has been on an upward trajectory. However, since the pandemic, the market has faced several setbacks, and the latest data from Coin ATM Radar shows the impact of the bear market on the global cryptocurrency ATMs industry. The year 2022 had witnessed a staggering increase in cryptocurrency ATMs installations every month, with over 1000 such ATMs installed every month from December 2020 to January 2022. However, with the bear market adversely affecting the crypto market, this growth has been hit.

The bear market is marked by losses in the cryptocurrency market, with investors selling their cryptocurrencies at a lower price than the purchase price. With the cryptocurrency market down, investors are not willing to invest in cryptocurrencies, resulting in a decrease in the number of cryptocurrency ATMs installed worldwide.

With the drop in the installation of cryptocurrency ATMs, it is evident that the bear market has hit hard, and the cryptocurrency market sees a decline in momentum. The data predicts that the bear market may continue, causing further disruptions in the market, leading to a decline in the number of installed cryptocurrency ATMs.

In conclusion, the Coin ATM Radar data painting a picture of a decline in cryptocurrency ATM installations in the first two months of 2023, with 412 less ATM installations is a sign that the crypto market has been affected by the bear market. As the market remains uncertain, the cryptocurrency ATM industry’s growth is at risk, and only time will tell how it evolves.

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