Bitcoin ATM has made a return, with the price of the cryptocurrency reversing its five-month downward trend for the first time this year in June 2022.

In particular, the number of ATM installations globally decreased steadily throughout the year, with the lowest number of 205 ATM installations reported in May. In only the first ten days of June, however, more than 882 ATMs were installed.

The decrease in May 2022 reportedly reached a level last seen three years ago in 2019. The number of Bitcoin ATM installations increased steadily during the previous two years, in 2020 and 2021, owing to more favorable regulatory environments and a lucrative market in which many cryptocurrencies briefly reached all-time highs.

For Bitcoin (BTC) ATMs have resurfaced, with the cryptocurrency’s price reversing its five-month downward trend in June 2022 for the first time this year.

The number of ATM installations throughout the world has continuously fallen throughout the year, with the lowest number of 205 recorded in May. However, more than 882 ATMs were deployed in the first 10 days of June.

The reduction in May 2022, reached a level last seen three years ago in 2019. Due to increasingly favorable regulatory settings and a lucrative market in which several cryptocurrencies momentarily achieved all-time highs, Bitcoin ATM installations rose rapidly during the past two years, in 2020 and 2021.

Data also shows that there are now 38,000 operating ATMs across the world. Crypto ATMs are critical to the Bitcoin and crypto economy because they allow consumers and investors to swap fiat currency for Bitcoin and vice versa.

The United States, with 33,403 crypto ATMs, accounts for 87.9% of the overall crypto ATM network. Genesis Coin (40.9 percent), General Bytes (21.6 percent), BitAccess (16.1 percent), Coinsource (5.4 percent), and Bitstop are the leading producers in this industry (4.8 percent ).

While ATM transactions do not contribute to the Bitcoin network’s overall liquidity, they do assist investors in purchasing crypto assets in exchange for fiat money. As a result, having local crypto ATMs accelerates the mainstream acceptance of cryptocurrencies.

El Salvador also saw a surge in visitors after recognizing Bitcoin as legal money. El Salvador’s tourism has increased by 30% since the Bitcoin Law was introduced.

El Salvador’s Deputy, Dania Gonzalez, recently highlighted the country’s plan to acquire more Bitcoin amid declining prices:

“What Nayib Bukele did was buy Bitcoins and make a profit at a certain strategic moment.” 

Gonzalez also mentioned two initiatives — a veterinary hospital and a public school — that were made feasible because to careful BTC investments, indicating that El Salvador President Nayib Bukele‘s policy has already been shown to be beneficial in terms of socioeconomic impact.