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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-atms-face-decline-globally" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin ATMs Face Decline Globally</a><br></p>
<p style="text-align: justify">In an unexpected turn, the global number of <a href="https://en.bitcoinhaber.net/bitcoin-minings-surging-energy-demand-as-market-prices-rise" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> ATMs has decreased for the first time in 10 months as of July 2023, despite a surge in Bitcoin prices in the cryptocurrency <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="external">market</a>. The United States and Canada dominate the Bitcoin ATM landscape, accounting for 91.4% of the total machines, with 31,089 units in the US and 2,909 in Canada.</p>
<h2 id="why-have-atm-numbers-decreased">Why Have ATM Numbers Decreased?</h2>
<p style="text-align: justify">The downward trend in Bitcoin ATM installations began in May 2024, marking the end of a 10-month growth streak. Over 300 ATMs were removed from the US market, and 28 from Canada, bringing the net decrease to 280 units after factoring in new additions in Australia, Switzerland, and Europe.</p>
<p style="text-align: justify">Various countries had significantly contributed to the monthly rise in Bitcoin ATM figures throughout 2024, almost recovering the 38,000 points lost in January 2023. However, this recent decline has raised concerns within the industry.</p>
<h2 id="what-is-happening-in-the-atm-sector">What is Happening in the ATM Sector?</h2>
<p style="text-align: justify">US law enforcement has been actively shutting down Bitcoin ATMs frequently used for fraudulent activities and extortion, although the exact reasons behind the recent sharp decline remain unclear. Meanwhile, Australia holds the third-largest active Bitcoin ATM network with 1,041 machines.</p>
<p style="text-align: justify">Bitcoin Depot, the largest ATM operator in the US, has reported steady gains in 2024. They disclosed in their annual report that their revenue does not correlate with Bitcoin prices, emphasizing that most users utilize their services for money transfers, international remittances, and online purchases rather than speculation.</p>
<h2 id="inferences-and-insights">Inferences and Insights</h2>
<p style="text-align: justify">Key takeaways from the current Bitcoin ATM landscape:</p>
<ul>
 <li>The US and Canada account for over 90% of the global Bitcoin ATM network.</li>
 <li>Global Bitcoin ATM numbers fell by 280 units in May 2024.</li>
 <li>Law enforcement’s crackdown on fraudulent ATMs may be contributing to the decline.</li>
 <li>Bitcoin Depot sees no direct correlation between its revenues and Bitcoin prices.</li>
</ul>
<p style="text-align: justify">These insights highlight significant shifts in the Bitcoin ATM sector, pointing to broader trends and potential regulatory impacts.</p>
<p style="text-align: justify">In conclusion, the recent decline in Bitcoin ATM numbers challenges the previously steady growth trend, raising questions about <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">future</a> developments in the sector. With ongoing regulatory scrutiny, the industry’s trajectory remains uncertain.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-atms-face-decline-globally" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin ATMs Face Decline Globally</a></h5>

Bitcoin ATMs Face Decline Globally

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