Bitcoin Rebound Set to Impact Prices of Luxury Watches: Bloomberg
Recent data analysis from Bloomberg indicates a noteworthy stabilization in the luxury watch market, coinciding with a resurgence in Bitcoin prices. This stabilization is particularly evident in the prices of top-tier second-hand Rolex and Patek Philippe watches, suggesting a potential turning point after a prolonged two-year slump.
The Bloomberg Subdial Watch Index, a trusted metric tracking watch prices, has observed a marginal decline, hinting at a potential cessation of the market’s downward trajectory. This stability can be attributed to several factors, including the robust performance of stock markets and the resurgence of Bitcoin. Additionally, the forthcoming Watches and Wonders event in April, where Rolex and Patek Philippe are set to unveil new models, has sparked anticipation among investors and enthusiasts alike.
Impact of Bitcoin’s Performance on Luxury Watch Market
The recent surge in Bitcoin’s value, doubling since October, has reverberated throughout the luxury watch market, significantly influencing investor sentiment. This surge, combined with low borrowing costs, has injected confidence into the market, fueling buoyancy in luxury watch prices.
Specific models such as the Rolex GMT ‘Pepsi’ have witnessed price increases, defying prevailing market trends. Analysts attribute the previous rally in secondary watch market prices during the pandemic era to the substantial surge in Bitcoin’s value, highlighting the intertwined nature of cryptocurrency markets and luxury goods.
Also Read: FTX Bankruptcy Claims Drama Intensifies As Bitcoin and Crypto Prices Skyrocket
Analysis of Specific Watch Models, Market Response, and Bitcoin Price
Notable price movements have been observed in sought-after models such as the Audemars Piguet ‘Jumbo’ Royal Oak and the Patek Nautilus 5711. Of particular interest is the Rolex GMT with a red and blue ceramic bezel, affectionately known as the ‘Pepsi’, which has experienced a commendable price uptick of approximately 1.9%. Market analysts are closely monitoring the anticipated market response to new watch releases slated for the Watches and Wonders event, as these unveilings are poised to exert considerable influence on prices.
Despite the overall stability, fluctuations persist, with certain models witnessing declines while others maintain or even increase in value. Against this backdrop, Bitcoin’s recent rebound has significantly impacted investor sentiment, with its price surging by 3.23% to $68,462.46 at the time of writing on Monday, March 18. However, a concurrent slump of 9.80% in Bitcoin’s trading volume over the last 24 hours, juxtaposed with its sustained market cap of $1.34 trillion, underscores the enduring significance and potential influence of cryptocurrencies on luxury watch prices.
Also Read: Bitcoin NFT NodeMonkes Overtake BAYC, Sees 50% Surge In Floor Price
The post Bitcoin Rebound Set to Impact Prices of Luxury Watches: Bloomberg appeared first on CoinGape.
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Bitcoin Rebound Set to Impact Prices of Luxury Watches: Bloomberg
Recent data analysis from Bloomberg indicates a noteworthy stabilization in the luxury watch market, coinciding with a resurgence in Bitcoin prices. This stabilization is particularly evident in the prices of top-tier second-hand Rolex and Patek Philippe watches, suggesting a potential turning point after a prolonged two-year slump.
The Bloomberg Subdial Watch Index, a trusted metric tracking watch prices, has observed a marginal decline, hinting at a potential cessation of the market’s downward trajectory. This stability can be attributed to several factors, including the robust performance of stock markets and the resurgence of Bitcoin. Additionally, the forthcoming Watches and Wonders event in April, where Rolex and Patek Philippe are set to unveil new models, has sparked anticipation among investors and enthusiasts alike.
Impact of Bitcoin’s Performance on Luxury Watch Market
The recent surge in Bitcoin’s value, doubling since October, has reverberated throughout the luxury watch market, significantly influencing investor sentiment. This surge, combined with low borrowing costs, has injected confidence into the market, fueling buoyancy in luxury watch prices.
Specific models such as the Rolex GMT ‘Pepsi’ have witnessed price increases, defying prevailing market trends. Analysts attribute the previous rally in secondary watch market prices during the pandemic era to the substantial surge in Bitcoin’s value, highlighting the intertwined nature of cryptocurrency markets and luxury goods.
Also Read: FTX Bankruptcy Claims Drama Intensifies As Bitcoin and Crypto Prices Skyrocket
Analysis of Specific Watch Models, Market Response, and Bitcoin Price
Notable price movements have been observed in sought-after models such as the Audemars Piguet ‘Jumbo’ Royal Oak and the Patek Nautilus 5711. Of particular interest is the Rolex GMT with a red and blue ceramic bezel, affectionately known as the ‘Pepsi’, which has experienced a commendable price uptick of approximately 1.9%. Market analysts are closely monitoring the anticipated market response to new watch releases slated for the Watches and Wonders event, as these unveilings are poised to exert considerable influence on prices.
Despite the overall stability, fluctuations persist, with certain models witnessing declines while others maintain or even increase in value. Against this backdrop, Bitcoin’s recent rebound has significantly impacted investor sentiment, with its price surging by 3.23% to $68,462.46 at the time of writing on Monday, March 18. However, a concurrent slump of 9.80% in Bitcoin’s trading volume over the last 24 hours, juxtaposed with its sustained market cap of $1.34 trillion, underscores the enduring significance and potential influence of cryptocurrencies on luxury watch prices.
Also Read: Bitcoin NFT NodeMonkes Overtake BAYC, Sees 50% Surge In Floor Price
The post Bitcoin Rebound Set to Impact Prices of Luxury Watches: Bloomberg appeared first on CoinGape.
Read More