Is the 'crypto crash' to blame for the Rolex crisis?

And the ‘crypto crash’ might be to blame. Anyone who’s even passingly familiar with watches knows that buying a Rolex at retail is near-impossible right now and that the coveted watches demand a ridiculous premium on the aftermarket. It’s a complex situation, which we’ve discussed in greater detail here.

What's happening with cryptocurrencies?

The collapse in cryptocurrencies is easing supply of the most sought after watches on the second-hand market, depressing prices for hard-to get-Patek Philippe and Rolex models. The supply of trophy watches such as the Rolex Daytona or Patek Nautilus 5711A “is now much larger,” online-watch trading platform Chrono24 said in an emailed statement.

Did a crypto crash wipe out $1 trillion in market value?

On Wednesday, a broad crypto crash wiped out about $1 trillion in market value — a staggering drop from $2.5 trillion just a week ago. Bitcoin, which accounts for more than 40% of the global crypto market, nosedived 30% to $30,000 on Wednesday, its lowest point since January.

Is crypto's crash making watches cheaper?

Crypto’s crash is making watches cheaper. Gas prices aren’t as important these days. The ECB can’t even see the curve anymore. Climate disclosure is good for companies. Everything is terrible, but at least the crypto crash is refilling our nation’s Strategic Schadenfreude Reserve.