Bitcoin crypto ATMs hit a huge fall in the early stages of 2022. But June has set the tone and changed the direction.
According to Crypto ATM companies like General bytes, Bitnovo and Bitvending, The number of ATM installations globally has been steadily declining throughout the year, with the lowest number of 205 ATM installations reported in May. However, June saw the installation increase to several 800+ ATM installations in just one week.
For the first time in 2022, Bitcoin ATM has recorded a tremendous uptrend in its instalment since the five-month (Jan – May) downturn wave in the early stages of the year.
This month of May 2022 is reported to have recorded the lowest number of ATM installations. Having boasted of a number just a little above 200. Rays of good signs were returned in June after close to nine hundred Installations of these machines were found to have been done globally.
The decrease in May 2022 reached a level previously registered in 2019. These Installations number skyrocketed in the year 2020 and 2021 consecutively, all thanks to brilliant Government policies and a welcoming business environment, which set so many coins to become bullish.
El Salvador’s adoption and legalization of Bitcoin boosted the number of crypto ATMs installed in 2021. The slowdown in worldwide ATM installation numbers was also attributed to China’s enforcing a total crackdown and law, which saw the mining and trading of crypto in her country as illegal. Despite its ban on these activities, China remains the top 3 Centre for bitcoin mining activities globally.
At the time of writing this article, over 37,000 ATMs have been installed worldwide, which are used daily to carry out crypto transactions. These ATMs may have little to no effect on the Bitcoin price movement. Still, they sure help in the uprise of the crypto market, allowing users to swiftly swap their local money for Bitcoin and vice-versa.
