Bitcoin Halving Impact Fades as Demand Takes Center Stage
According to reports, the Open Interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving.
The extended bear market in the cryptocurrency industry has had an impact not only on the price and trading volume but also on the installation and growth rate of cryptocurrency ATMs across the United States.
According to data recorded by CoinATMRadar, the total number of cryptocurrency and Bitcoin ATM installations has fallen from an all-time high in August at 38,776 ATMs to 37,980 ATMs in September. This represents a 2.05% drop in installations.
Looking at the change in cryptocurrency ATMS that have been installed in September, there was a change of 796 fewer ATMs on the network in September. The Unite States by itself represents 825 ATMs fewer ATMs in the space, while Europe and Canada picked up the overall volume with positive installations.
With politics across and between countries, and regulatory pressure coming in, and a general long period of bearish volume, it’s not suprising that there has been a drop in the decline of crypto ATMs.
While the negative data shows signs of a bearish market in the past month, the statitics over a 60 day time period shows an increase in cryptocurrency ATM installations. According to data, almost 15 Bitcoin ATMs are being launched daily across the world. Of these, over 40% of all ATMs launched are by Genesis Coin. This indicates that September might have been a bad month for the industry and ATM installations, but it could be an outlier in an overall growing field. Despite the temportary knock, countries are still showing keen interest to introduce cryptocurrency ATMs to offer citizens and crypto users.