Bitcoin price plummets, ATMs are closed en masse

The Bitcoin price is under heavy pressure and plunged to the level of 53,500 dollars last night. As a result of the dramatic price performance of Bitcoin, the global network of Bitcoin ATMs is also under pressure. Over the past 40 days, 334 machines were closed in America and Europe.

Banner Default 1 (Investing at lightning speed)

334 Bitcoin ATMs closed

It seems that people are finding it less and less attractive to “withdraw Bitcoin” from physical ATMs. Over a period of 40 days, 334 machines were shut down worldwide.

In June, 107 Bitcoin ATMs went offline, capping a 10-month streak of growth for the industry.

That massive drop was immediately followed up in July. In the first days of this month, another 227 Bitcoin ATMs were removed from the global network.

Net change in the number of Bitcoin ATMs in the United States. Source: Coin ATM Radar

Although countries like Australia and Spain continue to expand, America and the rest of Europe are mainly responsible for the declines in the network.

ATM companies’ turnover relatively stable

Bitcoin Depot, the largest ATM provider in the United States, shows with its turnover that there is no great correlation between the Bitcoin price and their financial performance.

In 2022, the company achieved a turnover of 647 million dollars and in 2023 it was 689 million dollars. While there was a gigantic bear market in 2022 and the Bitcoin price performed more than well in 2023.

It is notable that Bitcoin rose by 155% in 2023 and Bitcoin Depot’s turnover increased by only 6%. It therefore seems that they have a solid base of customers who are not so influenced by the development of the Bitcoin price.

Now the number of Bitcoin ATMs worldwide is starting to decline, which of course has to do with the moderate price performance of the digital currency in recent months.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button