One Bitcoin (BTC) can now fetch more than a luxury timepiece from Rolex and Patek Philippe on the secondary market. Bitcoin is rising, while the pandemic boom in watch sales has given way to more caution amid high interest rates.

The prices of the 50 most traded watches have fallen 42% from their high in April 2022, according to Bloomberg. Bitcoin fell 4% in the same period, finishing the month of April 2022 at $37,792.73. It is now trading at $36,280. 

High Supply Levels Tank Rolex Prices

The decline in prices follows a surge in demand for watches from Rolex, Patek Philippe, and Audemars Piguet during the pandemic. Since then, high interest rates and uncertain growth prospects for the US economy have dampened enthusiasm.

Price uncertainty for the top brands has increased to 12% since August, while the number of used watches on the secondary market has risen by 5%. Bitcoin’s price increased from an average of $27,852.79 in August to approximately $37,000 in November.

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Author: David Thomas

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