Bitcoin has spurred the used watch market

Bloomberg: The rapid growth of bitcoin has given rise to a new class of luxury buyers. The rapid growth in the value of cryptocurrencies has given rise to a new class of luxury buyers, which has spurred the market and led to an unprecedented increase in prices for used models of luxury watches, including Rolex, Audemars Piguet and Patek.

However, after the collapse of the crypto market, prices fell. This is reported by Bloomberg.

There are now much more offers, analysts of the Chrono24 online platform for trading watches stated. The decline in prices for the most sought-after models is the latest sign that the once booming used luxury watch market is starting to lose pace. In some cases, prices, on the contrary, are rising. Models such as Girard-Perregaux Laureato, as well as many Cartier and Breitling models have become more expensive. Demand has also increased for almost all watches from the Omega Speedmaster collection.

Bitcoin from TradingView, meanwhile, the prolonged downturn in the cryptocurrency market makes it difficult for some miners to repay loans worth up to four billion dollars.

This creates a potential risk for large crypto lenders.

Experts point out that the cost of many mining rigs accepted as collateral has halved along with the price of the world’s largest digital token. The industry is facing serious difficulties because of this. So far, only a few miners have defaulted on their loans, but recent sales are showing signs of distress.