The cryptocurrency market has been quietly in distress over the last few weeks as the world struggles with inflation and interest rate increases. Consumers are now more concerned about housing affordability and the cost of living.
The downslope has put many economic investors, even those seeking more tangible assets in panic mode.
The ongoing uncertainty surrounding crypto markets has seen more owners offloading their high-end watches, with supplies for the Rolex Daytona and Patek Philippe Nautilus 5711A now “much larger”. The matter was recently disclosed by Chrono24, an online watch trading platform.
According to Chrono24, citing sources from Bloomberg, the fallen crypto values have “directly impacted pricing of luxury watches from brands like Rolex and Patek Philippe”.
The Karlsruhe-based company, which is one of the largest dedicated second-hand watch marketplaces and retailers in the world, currently has more than half a billion timepieces on its website. This means that the collapse in crypto has significantly eased the supply of the world’s most sought-after watches – as collectors can get their hands on a new Rolex or Patek for the first time in a long time Philippe.
Chrono24 has enjoyed the rising interest in luxury watches over the last few years and is now able to capitalize on this new wave of buyers. The rapid increase of valuations cryptocurrencies The new market opened up to a new group of consumers, which drove the prices for certain models and brands, such as Rolex and Audemars Piguet sky-high.
Funds are now in decline, something avid watch enthusiasts were not prepared for. The falling value of digital assets has forced once-investment-friendly buyers back to their roots, and they are now selling off their assets at alarming rates. Time Stracke, Chrono24 CEO, said that the prices of the most desired watches have been losing ground in recent years due to global trends.
This latest development is great news for watch lovers and crypto enthusiasts. It is now easier to obtain that holy grail piece of jewelry due to the availability of higher-end watches.
Crypto Markets are becoming a way to live
Gucci, an Italian luxury brand, made headlines in May when it began accepting cryptocurrency payments at some of its American outlets.
Gucci is now part of a group of high-end luxury brand that are seeking to stake their claim in the $1 trillion+ crypto market.
As demand for and adoption of high-end electrical vehicles like Tesla increases, the crypto markets have expressed interest in luxury clothing brands and Crypto Markets.
Many people now live with crypto, whether they are novice traders who use it to access the DeFi market or investors looking to purchase digital assets to hedge against inflation.
Some major companies and multinational brands are now open to the idea of cryptocurrency as a method of paying for goods or services, and to attract wealthy clients who will indulge in luxury items.
Some high-end brands see cryptocurrency as more than a currency. It has become a symbol of status and wealth, innovation and progressivism. These are the attributes that high-end cryptocurrency users desire to be associated with.