People who got rich on cryptocurrencies stopped buying expensive watches, and they fell in price

After reaching an all-time high earlier this year, prices for luxury watches on the secondary market, including

Rolex, fell. The reason for this is that demand from investors who became rich in cryptocurrencies has fallen. Recently, the so-called crypto winter began, when the rates of major digital currencies dropped. Discuss

The fact is that at the beginning of 2022, cryptocurrencyinvestors began to massively buy premium watches. By February-March, the cost of Rolex Daytona, Patek Philippe Nautilus and Audemars Piguet Royal Oak watches in the secondary market was several times higher than the retail one.

However, since then, the main cryptocurrency - bitcoin -fell by 60%. Demand for expensive watches has fallen. In addition, the number of buyers from Russia has decreased. As a result, watches in the secondary market began to cost 25% less than at the peak of demand.

Experts expect the same could happen to other luxury goods: jewelry, branded sneakers and bags.