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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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Fintech CEO: Bukele Doubles Down on Dubious Bitcoin Dip Highlights Culture of Innovation

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Gold and Bitcoin - Investors King

As Bitcoin dipped, losing $10,000 over a 24-hour period, El Salvadoran President Bukele bought the dip. Publicly. On Twitter. Despite receiving pushback from folks like economist Peter Schiff. His announcement noted simply, “El Salvador just bought the dip! 150 coins at an average USD price of ~$48,670 #Bitcoin”

“What’s interesting about President Bukele is that he’s staked the entirety of his political future on his Bitcoin gambit. But, this dip doesn’t seem to be based on anything more than an overall fear of the new variant of the coronavirus. With that being the case, if you’ve already bet big on Bitcoin, it makes a lot of sense to double down when such an opportunity arises. History will decide how we view President Bukele, but it seems to be clear that he’s interested in building a culture of innovation around blockchain technologies, digital assets, and Bitcoin,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

“Culture is important in tech. There are a lot of ways to build that culture. One of them is through the press. But, most look beyond the headlines. What is the commitment in terms of regulatory or ancillary dedication to making their tech industry flourish? In this case, buying the dip carries political risk, and Bukele moved forward regardless. It is in line with his launch of a Bitcoin mining operation using geothermal power. The culmination of these efforts is probably why crypto investors from Europe made the trip out to El Salvador to learn more about what’s happening there,” said Gardner.

“We’re already in the green from our last purchase, in less than 24 hours. You know boomer, we have 44,106 oz of gold in our reserves. Worth $79 million, down 0.37% from a year ago. If we had sold it a year ago and bought #Bitcoin, it would now be valued at $204 million,” Bukele wrote on Twitter in response to a tweet from Peter Schiff, which labeled the recent purchase a “waste.”

“It is clear that digital assets are here to stay. Central banks around the world are racing to develop, beta test, and release their own digital currencies. El Salvador and Bukele are taking a different tack than many countries. It is certainly more aggressive than most. However, most of us in the industry expect that digital assets will truly transform the way we interact with the financial system. Even institutional investors, as well as former naysayers like Kevin O’Leary, are banking on cryptocurrency as part of their investment mélange. Building a tech culture, however necessary, may well pay dividends to Bukele’s country down the road, particularly in terms of international investment,” said Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“Right now, one of the biggest concerns to manage in order to ensure a positive crypto future resides in the custody space. When there are providers with significant security flaws being given multi-billion dollar valuations, that’s problematic. I believe the custody situation will right itself in time. Eventually, a fintech firm with a history of innovation and security will emerge, giving investors and exchanges another option to safeguard their assets. That’s one of the final pieces necessary for cryptocurrencies to realize their true and full potential,” said Gardner.

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Lympo Launches NFT Staking, Enabling Users to Utilize NFTs and Receive Monthly Rewards

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NFTs- Investors King

Lympo, the sports NFT ecosystem and a subsidiary of Animoca Brands, announced that it has launched NFT Staking, which allows users to monetize and receive rewards for locking up and delegating their NFTs issued by Lympo and their partners. Lympo’s NFT Staking will deliver additional value and utility to its community of NFT holders.

Up to this point, the Lympo NFT Minting Platform allowed users to stake LMT and partner tokens to mint sports NFTs depicting and officially licensed by top-level athletes. With the launch of NFT staking, Lympo has created a way for users to monetize their NFTs through monthly staking rewards.

Lympo’s NFT Staking will allow NFT holders to delegate or lock up their NFTs in staking pools. Users stake up to 15 NFTs together with LMT tokens and receive between 2% and 17.5% of the value staked in rewards every 30 days based on how many NFTs they stake and their rarity. The first Lympo NFT staking pool offers a total of 888,888 LMT (~$220,000) in rewards.

In the future, Lympo will partner with other NFT projects to release joint NFTs which can be staked to get double rewards in the form of two different types of tokens. Just like double reward pools on DeFi platforms, this will enable cooperation on this new Lympo GameFi product, opening new venues for additional value to NFTs.

Staking allows users to utilize their NFTs beyond collectible value and generate additional LMT that they can utilize in the Lympo NFT ecosystem. With multiple staking pools, a dynamic reward system, and community engagement events enabled through NFT staking, Lympo is pioneering new NFT staking mechanics.

Ada Jonuse, CEO of Lympo, said, “Lympo is taking big steps to bring the latest innovations into the GameFi sector. NFT Staking is one of the first methods that Lympo is using to provide additional utility to our NFTs. We have designed the process to be as fair as possible and we will be monitoring the NFT staking platform to make tweaks if necessary. Our goal is to integrate the Lympo NFTs into as many different activities and games as possible and to create a broad network of industry-wide partnerships for NFT interoperability in games and other GameFi products.”

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Bitcoin Drops Over $10,000 in Value in 24 Hours

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Bitcoin - Investors King

Global financial markets rout plunged Bitcoin, the world’s most dominant cryptocurrency, by $10,000 to $47,000 a coin, according to the data obtained from Coindesk.

Bitcoin was trading at slightly above $57,000 a coin on Friday before falling by 17 percent or $10,000 to $47,000 within 24 hours to further highlight the state of the global financial markets amid growing concerns over the Omicron COVID variant spread.

Ether, the second most capitalised cryptocurrency, also sheds 10.26 percent to $4,047.96 a coin while Solana, XRP, Terra (Luna), Cardano and Stellar dropped 10.19 percent, 17.54 percent, 11.96 percent, 13.95 percent and 16.74 percent to $204.67, $0.796952, $60.85, $1.40 and $0.292059, respectively.

There is no clear reason as to why bitcoin and other cryptocurrencies are falling besides rising global uncertainty surrounding the fast-spreading Omicron covid variant.

Selling pressure in the Bitcoin spot market seems to have dragged on the entire cryptocurrency before triggering huge stop losses in the derivative markets.

“The evidence points to this being yet another derivative-induced selling event,” wrote J.C. Parets, chief market strategist for All Star Charts technical research, in a note Saturday morning. “The September flash crash had the same drivers as this selloff — leverage was flushed from the system in a violent fashion, which later enabled the market to eventually move higher toward a new all-time high in October.”

Despite the uncertainty surrounding financial assets, El Salvador, the first country to accept Bitcoin as a legal tender, announced it has bought the dip. President Nayib Bukele acquired 150 Bitcoin for about $48,700 a coin.

Tether (USDT), the largest stablecoin by market value, moved away from its 1:1 peg against the US Dollar to $1.025, largely because of its usage as a hedge against market uncertainty. Traders usually move their cryptocurrency to USDT during high market uncertainty.

“Our expectation for the coming days/weeks is sideways choppy price action. A contraction and basing process is likely to take place after such a violent move and we want to treat sharp upward rallies suspiciously right now,” added Parets.

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