Bitcoin (BTC) ATM installations have marked a new comeback as June 2022 saw the reversal of the five-month-long downward trajectory for the first time this year.
The global ATM installations worldwide fell consistently throughout the year, with May reporting the lowest number of 205 ATM installations. However, June saw the installation of over 882 ATM installations in just the first ten days.
As evidenced by the above graph, May 2022’s drop reached a range that was last seen three years ago in 2019. Over the last two years, in 2020 and 2021, Bitcoin ATM installations grew consistently owing to friendlier regulatory landscapes amid a rewarding market when numerous cryptocurrencies attained their all-time highs momentarily.
In addition, the use of Bitcoin as legal tender in El Salvador contributed to the spike in crypto ATM installations in the last year. China imposing a blanket on crypto trading and mining, too, contributed to the temporary slowdown in the global ATM installation numbers. Surprisingly, despite the regulatory hurdles, China came out as the 2nd top Bitcoin mining hub despite the crypto ban.
Crypto ATM installations peaked in 2021, with December witnessing 1971 ATMs installed in a month. However, up until June 2022, the numbers dropped 89.75% by May, which was followed by a swift recovery in the following month.
According to Coin ATM Radar’s gauge scale, which is based on the data collected over the last two months, nearly 23 crypto ATMs…