Australia Sees Surge in Crypto ATM Machines Following Recent Bull Run
Australia Sees Surge in Crypto ATM Machines Following Recent Bull Run
In the wake of the recent crypto bull run, Australia has experienced a significant increase in the number of active cryptocurrency ATM machines. According to data from Coin ATM Radar, Australia now boasts a total of 1,007 crypto ATMs, making it the third largest network of these fiat-to-crypto machines globally, behind the US and Canada.
As of Wednesday, April 24, Australia accounts for 2.7 percent of the global crypto ATM network. These machines allow users to convert their fiat currencies into their preferred cryptocurrency in real time, as well as purchase crypto assets using debit and credit cards and deposit them into digital wallets instantly.
If Australia’s adoption of crypto ATM machines continues to grow, the country is poised to surpass the total number of crypto ATMs in Europe, which currently stands at 1,617 machines, representing 4.3 percent of the global share.
The surge in crypto ATM installations comes after a period of decline between 2022 and 2023, when only 94 new machines were set up internationally. This decline was attributed to setbacks in prominent crypto projects like Terra and the FTX exchange, leading to a decrease in the total number of crypto ATMs worldwide from 38,776 to 37,980.
However, the recent bull run in the crypto market, with a total valuation nearing $3 trillion, has sparked renewed interest in cryptocurrencies. Bitcoin reached an all-time high of over $73,000 earlier this year, driving up the value of other digital assets as well.
This resurgence in the crypto market is believed to be a contributing factor to the increase in the number of crypto ATM machines globally. Currently, the US leads the pack with 82.8 percent of global crypto ATMs, followed by Canada with 7.7 percent.
With the crypto market showing no signs of slowing down, Australia’s growing network of crypto ATMs is a clear indication of the country’s increasing interest and adoption of digital assets.
