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Global Crypto ATM Network Contracts by Over 5,700 Units in 2023, Signaling Industry Shift

The year 2023 witnessed a substantial downturn in the presence of crypto ATMs, with more than 5,700 units taken offline.

This decline marks a significant milestone since the inception of these machines back in October 2013. According to the most recent data sourced from Coin ATM Radar, the worldwide count of crypto ATMs dwindled from its pinnacle of 39,350 in December 2022 to approximately 33,620, indicating a steep 14.5% drop from the previous high.

Throughout the year, a fluctuating pattern emerged in both the installation and decommissioning of these ATMs. January 2023 witnessed the removal of 1,523 ATMs, followed by a further 210 in February and a substantial reduction of 3,555 units in March. A brief resurgence occurred between May and June, marked by nearly 2,500 new installations. However, July saw the highest number of ATM removals, with 4,218 units decommissioned.

Market dominance is held by 10 operators, collectively managing 67% of the global cryptocurrency ATM network. Bitcoin Depot leads the pack with 6,000 ATMs, followed closely by Coinflip with nearly 4,000, trailed by Bitstop and Rockitcoin. This concentration signals a notable consolidation of services within a handful of key players, potentially posing entry and sustainability challenges for new vendors eyeing the crypto ATM industry.

Amid the gradual emergence from the extended crypto winter, the trajectory of crypto ATM redeployment and installations in the upcoming year remains intriguing. However, current trends suggest a waning interest among general consumers in ATMs for virtual assets, hinting at a potential decline in their adoption.

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