When the crypto market started its operation in the very beginning, it was assumed that it would have no effect on any other potential market, may it be forex or stocks, that it is an independent market. But that hasn’t been the case as a sudden decline in the second-hand watch market can be seen after the imminent crash of the crypto market.
Supply of Luxury Watches Increases
Many brands of watches, such as Rolex and Patek Philippe, can be seen in abundance in the second-hand watch market. It seems as if people are not interested in buying luxury watches anymore or, better yet, don’t have the buzzing finance to do so as they had when the crypto market was booming, and profits were soaring in the greatest magnitude.
Investing in crypto has always been risky, even when the profit was almost a certainty, but now it would be considered manic to even consider putting your dearly earned money into the crypto market. Nonetheless, the crypto market and those soaring profits that the earlier investors were so fond of did create a new class of luxury affording individuals who were consistent buyers of all sorts of luxuries involving luxury watches.
They had the money or, better yet, a permit from the crypto market of absolute certainty that even if the market has tanked at the moment, it will show a reversal in the near future. And when it did, they had bounds and bounds of money to spend on all sorts of things.
But this consistent crash of the crypto market and a bear cycle that doesn’t seem to go away at any time has punched a hole through the flight of these luxury-affording people, they are nowhere to be seen, and as a matter of fact, the second-hand luxury watch market is a completely deserted compound.
The manufacturing entities are even afraid to put their efforts into developing new watches with rather steep price tags because they know that if there isn’t any buyer for the second-hand luxury watches, there isn’t going to be any for the new ones.