Ever since the beginning of 2022, the cryptocurrency market started to experience a drop. Since then, things have not recovered for the industry. The situation has continued growing more and more disturbing for the cryptocurrency sector.
Initially, it was believed by the cryptocurrency community that things would get back to normal for the cryptocurrency industry.
However, the year is almost at the end and things have not recovered for the cryptocurrency industry. Therefore, the adoption rate of cryptocurrencies has dropped all over the world.
Bitcoin ATMs are Losing Traction
The drop in the interest rate of cryptocurrency investors and users can be measured with the drop recorded in the ATMs for Bitcoin all over the world.
According to the latest data collected for the ATM ecosystem for Bitcoin, a drop has been recorded in the Bitcoin ATMs. The drop has been recorded in the month of September 2022.
The statistics show that the growth rate has witnessed a negative figure in the installations of ATMs for Bitcoin on a global scale.
It is for the first time in the history of cryptocurrency ATMs that a drop has been recorded. The drop rate in the installations of ATMs has started in the United States.
The US has the highest number of cryptocurrency ATMs and the same goes for Bitcoin ATMs.
According to the data, there were a total of 38,776 Bitcoins all over the world. The all-time high figure for Bitcoin ATMs was recorded in the month of August.
However, the month of September was bad news for cryptocurrency users and the community. This is because the number of ATMs for Bitcoin has dropped to 37,980 and this figure was recorded in the month of September 2022.
The difference shows that the Bitcoin ATMs have dropped by 2.05% in a matter of 30 days. From the month of August to the month of September, Bitcoin ATMs pulled off the network of global BTC ATMs were 796.
The report surrounding the drop rate in the Bitcoin ATMs has been shared by CoinATMRadar.
On the other hand, the cryptocurrency ATMs that were pulled off the network in the same period only in the United States were 825.
Other Jurisdictions Provided Cushion
While the United States saw a huge drop in the ATMs for cryptocurrencies, Canada, Europe, and other regions have helped cushion the fall.
These regions have continued installing new ATMs for Bitcoin that have covered the drop rate that has been recorded in the United States.
The overall share of the United States for the cryptocurrency ATMs is 40.3%. This means that the country is facing a huge drop in interest in cryptocurrencies.