Benzinga - The U.S. is witnessing a stark decline in Bitcoin (CRYPTO: BTC) ATMs, even as the apex crypto rallied over 40% from $16,500 to $23,500-level in 2023.
What Happened: According to data from Coin ATM Radar, in the first two months of 2023, the net number of cryptocurrency ATMs in the U.S. decreased by 498 machines, in contrast to the rapid growth of 1,000 or more units per month being installed between December 2020 and January 2022.
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This sudden decrease reflects the downhill trend in the bear market, signaling a potentially alarming shift in the industry’s trajectory.
Meanwhile, in January 2023, the global crypto ATM network saw a significant decrease, with 289 machines removed. As the bear market persisted and geopolitical tensions mounted, a further decline of 123 machines was reported in February.
In September 2022, the total crypto ATMs saw a net decline to 449 for the first time in history.
Price Action: At the time of writing, BTC was trading at $23,486, down 0.91% in the last 24 hours, according to Benzinga Pro.
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