Following the recent crypto bull run, Australia has seen an increase in the number of active cryptocurrency ATM machines. In a recent update, data from Coin ATM Radar revealed that the current number of crypto ATM machines in Australia is close to 1,007. With this, Australia now has the third largest network of these fiat-to-crypto machines after the US and Canada, which are in first and second place respectively.

As of Wednesday, April 24, Australia has 2.7 percent of the global crypto ATM network coin atm radar Has shown. Crypto ATM machines allow users to convert their fiat currencies into the cryptocurrency of their choice in real time. Users can also purchase crypto assets with their debit and credit cards, and have them instantly deposited into their digital wallet.

If adoption of crypto ATM machines continues to grow in Australia, the country is expected to soon overtake the collective number of crypto ATMs in Europe, which currently stands at the 1,617 mark – representing 4.3 percent of the global share.

The number of crypto ATMs is seeing an increase after a period of decline. Between 2022 and 2023, a dramatic decline was seen in the installation of crypto ATMs internationally. According to Coin ATM Radar at the time, only 94 machines were installed in various parts of the world between July 2022 and January 2023.

The main reason for the decline in the number of new BTC ATMs was the steady decline of promising crypto projects like Terra and FTX exchanges. During the same period, the number of crypto ATMs worldwide dropped from 38,776 machines to 37,980.

However, in the last four months the crypto market valuation approached a capitalization of $3 trillion (approximately Rs 2,50,00,650 crore). Bitcoin hit an all-new high of over $73,000 (roughly Rs. 60.8 lakh) earlier this year, leading many other cryptocurrencies to gains.

This boom for the sector can be considered one of the reasons behind the increase in the number of crypto ATM machines globally. As of now, the US accounts for 82.8 percent of global crypto ATMs, making up more than 31,000 machines. Canada ranks second, with 7.7 percent of global crypto ATMs with more than 2,000 machines.