Cryptocurrency ATM growth slowed down due to bear market

03/01/2023 10:26 • NFT Newsflash • 161 views

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

Interpret the above information:

The growth of the cryptocurrency industry has been remarkable, and one of the most significant advancements is the development of cryptocurrency ATMs. These automated teller machines have made it easier for people to access and use cryptocurrencies easily. The industry has witnessed remarkable growth, with the total number of cryptocurrency ATMs rising steadily since 2014.

However, according to Coin ATM Radar data, the number of cryptocurrency ATMs installed worldwide decreased by 412 in the first two months of 2023. This is an alarming decline, considering the growth trajectory of the industry in the past few years. It is a surprise to many experts who were predicting continued growth in the number of cryptocurrency ATMs installed.

The drastic reduction can be attributed to the bear market, which has caused significant disruptions in the cryptocurrency industry. A bear market is a market condition where asset prices steadily fall over a prolonged period, resulting in investor pessimism and negative sentiment. This has been the case for the cryptocurrency industry, leading to a reduction in the number of people who invest in cryptocurrencies, leading to the subsequent decrease in the number of cryptocurrency ATMs installed.

Over the past year, the cryptocurrency ATM market has grown tremendously. There were more than a thousand cryptocurrency and bitcoin ATMs installed every month from December 2020 to January 2022. This growth spurt can be attributed to the bullish trend observed in the cryptocurrency industry at the time. During the bullish market, investors had a more positive outlook on cryptocurrencies and were more likely to use them. Thus, there was a high demand for cryptocurrency ATMs.

However, the bear market has disrupted this growth trajectory, leading to a decline in the number of installed cryptocurrency ATMs. This decline may continue as long as the bear market persists. However, it is expected that the market will eventually recover, leading to renewed demand for cryptocurrency ATMs.

In conclusion, the reduction of installed cryptocurrency ATMs is a clear indicator of the bear market’s impact on the industry. While this decline may continue, recovery is expected in the future. Cryptocurrency ATMs remain crucial in expanding the adoption and use of cryptocurrencies, and there is a need for further developments to help the industry achieve its full potential.

Keyword: cryptocurrency ATM, Coin ATM Radar, decrease, growth, bear market

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Cryptocurrency ATM growth slowed down due to bear market

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

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