The latest figures show that the first eleven months of 2022 saw the installation of 6,100 new cryptocurrency automated teller machines (ATMs).

The rate of installation has slowed significantly due to the ongoing bear market.

In contrast, more than 20,300 cryptocurrency ATMs appeared in 2021 (when Bitcoin and many altcoins charted all-time highs).

Changing directions:

The skyrocketing prices of most cryptocurrencies in the past year and the massive interest from investors led to the installation of 20,300 cryptocurrency ATMs worldwide during 2021 (according to CoinATMRadar data).

While in the recent economic turmoil, which started from the mass printing of paper currencies from central banks (due to the outbreak of COVID-19), the process was exacerbated by military conflicts, record inflation, and others that affected the industry.

Read:The Fed’s Fight Against Inflation Is Bad for Bitcoin According to Bitfury CEO

The global cryptocurrency market cap has shrunk to $850 billion (compared to about $3 trillion in November 2021), while the price of bitcoin is down more than 75% from last year.

This setback logically reduced interest among investors and installed new cryptocurrency ATMs.

6,100 of these devices appeared during the first 11 months of 2022, almost three times fewer than in 2021.

The total number of crypto ATMs worldwide is 38,863.

The United States is the undisputed leader with more than 34,000 such machines on its soil.

Canada comes in second with 2,688, while Spain comes with 262 devices and the first country to adopt Bitcoin as legal tender is El Salvador with 212 devices.

The report also revealed that Canada’s BitAccess platform for Crypto ATM networks has installed 12,000 machines (33% of the market share).

General Bytes was in second place, while Genesis Coin and Bitstop followed shortly after.

Re-installation of cryptocurrency ATMs in Japan:

Interestingly, one of the largest economies in Asia – Japan – had no crypto ATMs between early 2018 and August 2022.

Read:You can now use Twitter to send and receive Bitcoin (BTC)

The country authorities removed all of these devices four years ago after the cryptocurrency exchange Coincheck became the victim of a major hack.

Then, local exchange Gaia revealed that it will deploy 50 cryptocurrency ATMs in the next 12 months and increase the number to 130 in the next three years.

The first devices appeared in Tokyo and Osaka and support four of the largest cryptocurrencies by market capitalization, namely:

Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

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