Canada: Bitcoin ATMs record 28% surge amidst price bear market

Sahana Kiran
Source – Unplash

The crypto market endured quite a lot this year. From the bears taking over to the plummet of several prominent projects, 2022 wasn’t a very good year for the market. Despite this, the adoption sentiment around the industry has continued to remain pertinent. Bitcoin ATM installation rate witnessed a massive spike this year.

A plethora of Bitcoin ATMs has been installed in 2022 which further boosted this rate by 28 percent compared to last year. Canada welcomed about 400 Bitcoin ATMs since January.

Back in 2021, the number of ATMs in the region was under 2,000 around the same time. However, following the 28 percent surge, the numbers shot up to 2,549.


There were 2,479 ATMs in Q2 2022 and 2,545 ATMs in Q3 2022. Compared to most other regions, the nation has seen an average of 100 new Bitcoin ATMs added each quarter.

At present, there are a total of 38.750 Bitcoin ATMs across the globe. It should be noted that Canada was second on the list of Bitcoin ATMs. The United States, with 34,000 installations preceded this list. Europe with a dainty 1,466 stood third.

In addition to this, it was brought to light that the world’s very first Bitcoin ATM was installed in Vancouver, Canada. This ATM was set up at Waves café in the region about nine years ago.

Here’s how Bitcoin has been faring since last year

Bitcoin’s price drop since attaining an all-time high of $68,789.63 has been quite evident. About a year ago, the king coin recorded the aforementioned high and is currently 69.81 percent below this number.


As seen in the above image, BTC recorded a clear plummet. At press time, BTC was trading for $20,767.01 with a 2.14 percent daily drop.

Despite this downtrend, ATM installations in Canada witnessed a significant surge. This further proved that the demand for the asset was still prominent.