Number of Crypto ATMs Doubled to 4,000 This Year: Report

The number of cryptocurrency automated teller machines (ATMs) has doubled so far this year, as there are now over 4,000 crypto ATMs spread throughout 76 countries in the world, being operated by over 520 organizations.

According to data published by cryptocurrency analytics platform Data Light, the number of crypto ATMs doubled this year despite the prolonged bear market that saw the price of most cryptocurrencies crash. On average, Data Light claims, 6 crypto ATMs were installed per day.

Its data shows that out of all 4,051 cryptocurrency ATMs nearly all support bitcoin, while over half support litecoin and close to 2,000 support Ethereum’s ether. Bitcoin cash is the next most widely supported cryptocurrency, while privacy-centric cryptos like dash, monero, and zcash follow. Some also support dogecoin.

The shared graph appears to show most cryptocurrency ATMs were installed in the first few months of the year, when the prices of most cryptocurrencies were still relatively high compared to today’s prices. Since the beginning of 2014, the number of crypto ATMs has only dropped in November of 2015.

Per CoinATMRadar data, there are now nearly 4,100 cryptocurrency ATMs in the world, and most of them are located in the United States. As CryptoGlobe reported, the number hit 3,000 back in May of this year.

These machines often have high usage fees, as some charge users a fee up to 8% to buy cryptocurrencies with fiat currency. There are different types of these ATMs, as some let users buy and sell crypto, while others only let users buy.

The crypto ATM market is, as covered, expected to grow to nearly $145 million by 2023, as it’s forecasted to have a compound annual growth rate (CAGR) of 54.7% for the next five years, according to a report published by ResearchandMarkets.

Notably the market has been facing some resistance. As covered India’s first bitcoin ATM was taken down shortly after being set up, as authorities claimed its operator, Unocoin, didn’t have permission to install it.

Institutional Derivatives Volumes Went Cold After Crypto Market Crash: CryptoCompare

  • Institutional derivatives trading plummeted following March's crypto market crash according to latest CryptoComapre report. 
  • Mar. 13 generated the highest daily volumes in cryptocurrency history, generating $75.9bn in trades. 

Volume trading on institutional derivatives plummeted following the crypto market crash in March. 

According to the  CryptoCompare March 2020 Exchange Review, institutional derivatives volumes tanked following the market crash on Mar. 12, which saw the price of bitcoin drop as low as $3,800. Trading volume across institutional exchanges, including CME, declined more than 43% in March compared to the month before. 

According to the report, 

Institutional appetite for derivatives products appeared to decline rapidly following the BTC crash, with CME losing 44% of volume compared to February. Trading volumes totalled $7.36bn in March compared to $13.1bn in February.

cryptocompare march 2020 guideVolume trading across crypto exchanges in March 2020 | Source: CryptoCompare

The report found that CME options trading, which launched in January of this year, have not seen significant improvements in volume and are far from generating the activity seen on rival crypto exchange Deribit. 

Despite the market crash, Mar 13. brought about the highest daily volumes in cryptocurrency history, generating $75.9bn in trades. Lower Tier exchanges accounted for the majority of the volume at $54.3bn, while Top Tier volumes also set a record at $21.6bn in daily trades. 

According to the report, spot volumes surged in Q1 2020, with Top Tier exchanges increasing month-on-month since December 2019. Even with the economic uncertainty of the coronavirus, spot volumes for Top Tier exchanges increased 35% on average vs February.

While crypto experienced its single largest day of volume trading, March’s overall volume failed to reach the same levels of Dec. 2017’s crypto bull run.

The report reads, 

Despite the March price crash, volume levels for these exchanges still haven’t reached those seen in the Dec-2017 bull run. Overall, volumes across all Top Tier exchanges increased 8.0% to $288Bn in March.

Binance was the largest Top Tier exchange by volume in March, trading $63.6bn, an increase of 19.2% over the month before. OKEx generated the second-largest volume of $47.7 bn, down 8.2% from February. Coinbase experienced the largest percent increase in volume trading during March, generating $13.3bn, up 41.9%.

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