Price of Luxury Watches Falls as a Result of Depression in the Crypto Market

Luxury watchmakers are expressing concerns as they are seeing a fall in demand for their products. This, resultantly, has made the second-hand market for luxury watches see an impressive price boom as they experience an almost 50% surge in prices. Luxury watchmakers such as Patek Philipe, Rolex, and German-based Chrono-24 are forced to go by the market trend as demand falls. Mckinsey, a consulting firm based in the United State of America said that the secondary market for Luxury watches may reach up to $31 billion by 2025. This prediction appears feasible as more and more people are coming into the market.

Due to the depression in the crypto market, investors may have decided to divert their investment to more tangible products. They do this to protect their investment and avoid loss. Bitcoin has suffered a massive loss in value of about 70% since it reached its all-time high in November of 2021. It fell below $20,000. Although Bitcoin has made some bullish movements lately, It is selling at around $24,000. But, At this point, some would have lost part of the money they have invested in the market (while it was showing the prospect of a rise). It is logical for investors to take drastic measures to save their businesses.

 

 

 

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