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10,500 New Crypto ATMs Installed in Seven Months of 2021, 55% More than in Entire 2020

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Bitcoin ATM - Investors King

As one of the quickest and most convenient ways to transfer physical cash into Bitcoin or other cryptocurrencies, crypto AMTs or BTMs continued their impressive growth in 2021.

According to data presented by BlockArabia, nearly 10,500 new BTMs have been installed in seven months of 2021, 55% more than in the entire 2020.

The Record Year for Crypto ATMs

Crypto ATMs, also known as Bitcoin ATMs or BTMs, enables users with quick access to cryptocurrencies like Bitcoin, Ethereum or Dogecoin. Developed countries like the United States, Canada, and the United Kingdom hold the biggest number of BTMs. However, over the years, they also became very popular in countries whose citizens need a quick exchange of an official currency for a digital asset not regulated by the government.

In 2018, more than 2,000 new BTMs had been installed worldwide, with their total number reaching 3,187 in December that year, revealed Coin ATM Radar data. Over the next twelve months, the number of crypto ATMs grew by another 2,000, reaching 4,848 in December 2019.

Last year witnessed an explosive growth of BTMs, as the entire crypto market boomed amid the COVID-19 crisis. By the end of 2020, the number of ATMs supporting digital coins tripled and hit almost 13,000 globally.

However, 2021 showed as the record year for crypto ATMs. Over the last seven months, the number of BTMs grew more than in 2019 and 2020 combined, reaching a total of 23,217 last week.

The Number of Crypto ATMs in the US Jumped by 50% in Three Months, UK BTMs Down by 25%

Analyzed by geography, the United States represents the leading crypto ATM market, with 88% of all Bitcoin ATMs globally. The Coin ATM Radar data also revealed the number of BTMs operating in the United States jumped by almost 50% in the last three months.

In March 2020, US citizens could use 13,889 crypto ATMs all around the country. This figure jumped to almost 20,500 last week.

As the second-largest BTM market globally, Canada also witnessed impressive growth in the number of BTMs, rising by 26% in the last three months to 1,610.

However, the number of crypto ATMs in the United Kingdom, as the third-largest market, continues falling. Statistics show the number of BTMs in the country plunged by 25% since September 2020, landing at 194 last week. Austria, Hong Kong, and Switzerland follow, with 159, 128, and 128 BTMs, respectively.

Statistics also show Genesis Coin still tops the list of largest crypto ATM manufacturers, with a 40% market share and 6,376 BTMs operating worldwide as of last week. General Bytes ranked second with a 24% market share and 5,546 BTMs. BitAccess and Coinsource follow with an 11.6% and 7% market share, respectively.

Also, the Coin ATM Radar data showed that all of the 23,217 crypto ATMs support Bitcoin, 73% Litecoin, 57% Ethereum, and 29% Dogecoin.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Top 10 Most Traded Cryptos in July

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The growing number of investors continues choosing digital coins as an investment asset, with some cryptocurrencies drawing much more attention than others.

According to data presented by BlockArabia, besides Tether, Bitcoin, and Ethereum, as the world’s three most traded cryptocurrencies, some other crypto coins also witnessed an increased trading volume last month. Here is the list of the ten most traded cryptos in July.

Bitcoin Trading Volume Almost Halved, Ethereum Down by 43% in a Month

The CoinMarketCap data showed Tether still represents the most important coin in the crypto space, with a monthly trading volume of $1.48trn in July, nearly the same value as in June. Still, its market cap slightly dropped last month to $61.8bn, compared to $62.4bn on the first day of July.

Other top cryptocurrencies witnessed a significant drop in their 30-day purchase volume. During July, the price of the world’s most expensive cryptocurrency, Bitcoin, jumped by 26% reaching $41,963 last week. However, the trading volume of the leading crypto coin almost halved in the last 30 days, falling from around $1.2trn in June to $642.7bn in July.

Ethereum also witnessed a significant drop, with its monthly trading volume falling by 43% to $505.9bn in July. However, its market cap increased by almost 30% in this period, rising from $237.8bn to $303.5bn.

EOS, the fourth most-traded crypto in June, didn’t make it to the top 10 list last month. In fact, statistics show its trading volume plunged by 92% compared to June, falling from a massive $288.9bn to only $21bn.

Although its trading volume dropped by 25% to $194.4bn in July, Dogecoin still climbed one spot to the fourth most-traded crypto globally. Binance USD rounds the top five list with $125.2bn in monthly trading volume.

PlayDapp and WETH Trading Volume Surged in July

Statistics show significant changes in the other half of the list. Polygon, Bitcoin Cash, Chainlink, and Stellar, which all witnessed impressive trading volume in June, also didn’t make it to the top ten list last month.

The trading volume of XRP, the ninth most-traded crypto in June, plunged by 53% to $76.7bn. Still, the native cryptocurrency for products developed by Ripple Labs ranked as the seventh most-traded crypto in July.

The CoinMarketCap data showed that, compared to June, two new cryptos entered the most-traded list. With $92.8bn in monthly trading volume, PlayDapp ranked sixth on the list of most popular coins. Furthermore, statistics show the price of the token used in the PlayDapp Blockchain gaming ecosystem to purchase and sell NFT items within games, surged by 233% in this period, jumping from $0.1681 to $0.5608. WETH, or Wrapped Ethereum, ranked seventh on the list, with $61.7bn in 30-day purchase volume.

USD Coin and Ethereum Classic close the top ten list, with $55.8bn and $52.7bn in monthly trading volume, respectively.

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Cash App’s Quarterly Bitcoin Revenue Triples Despite BTC Impairment Loss For Square

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Jack Dorsey’s Square made more than 90 percent more gross profit than the same period last year, with $546 million coming from Cash App’s Bitcoin services.

Jack Dorsey’s Square has reported a 200 percent increase in Bitcoin revenue for the second quarter year-on-year (YoY).

The company announced the impressive earnings figures in its second-quarter shareholder letter on August 1. In the report, Square revealed its total gross profit grew 91 percent YoY to $1.14 billion.

Bitcoin services drove $2.72 billion in revenue for the app, with a gross profit of $55 million, respective increases of 210 percent and 223 percent respectively year-on-year. Cash App generated a gross profit of $546 million overall, up 94 percent YoY.

“Bitcoin revenue and gross profit benefited from year-over-year increases in the price of bitcoin and bitcoin activities, and growth in customer demand.”

However, compared to the first quarter of this year, Bitcoin revenue and gross profit decreased and is down 22.3 percent from 3.5 billion.

Square attributed the weaker performance to the more than 50 percent retracement suffered by the broader crypto markets during May and June.

Square also reported an impairment loss of $45 million on the Bitcoin it holds. As Tesla holds its Bitcoin (BTC) as an “intangible asset,” accounting rules require the firm to report an impairment loss when the asset’s price drops below its cost basis. Square is also not required to report increases in the value of its intangible asset holdings until the position is realized through a sale.

According to Bitcoin Treasuries, Square currently holds 8,027 BTC worth an estimated $320 million at the time of writing.

Square recently bought 3,318 BTC in February for $170 million, adding to its initial purchase of 4,709 BTC in October 2020.

On July 30, Cointelegraph reported that mobile software firm MicroStrategy pledged to buy more BTC despite an impairment loss of $425 million on its Bitcoin stash for Q2. Tesla also reported an impairment loss of $23 million for the quarter.

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Yele Bademosi Steps Down as CEO of Bundle Africa

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Bundle Africa- Investors King

Yele Bademosi, the founder and CEO of the Nigeria-based crypto payments app Bundle Africa, is stepping down as the head of the company.

Bademosi announced his decision to step away from his current role in a blog post on Friday. He wrote that he intends to focus on driving digital currency adoption across Africa. He will be succeeded by Binance Africa director Emmanuel Babalola, at least on an interim basis.

“My focus for the next 12 to 18 months is really building infrastructure that can allow the inflow of capital to support innovation beyond the buying and selling of crypto,” Bademosi told said.

Bundle Africa launched last year with backing from global cryptocurrency exchange Binance, which contributed $450,000 in seed funding for the creation of the payments app. According to Bademosi, the app has about 350,000 users now. Bademosi, who grew up in Nigeria, was a former director of Binance Labs before creating Bundle.

Babalola is not only familiar with Africa’s crypto market. but he also knows how to navigate the global crypto sector comfortably, Bademosi said of his successor.

“[Babalola] is someone that I trust because we have the same mission and values, and I basically can’t imagine anybody else taking over,” Bademosi said.

Bademosi did not specify his future projects but said he has seen a lot of innovation in Africa’s crypto market in the last few months and there is a lot of room for innovation in social tokens, non-fungible tokens and peer-to-peer payments.

“I’m very excited,” Bademosi said.

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