Bitcoin And S&P 500 Are Down: Which Did Benzinga Users Pick To Buy The Dip?
Portfolio Pulse from Chris Katje
Last week, both the S&P 500 and Bitcoin experienced declines, attributed to higher-than-expected inflation data and its implications on Federal Reserve rate decisions. A Benzinga poll revealed that 54% of users favor buying the dip in the S&P 500 over Bitcoin, which received 46% of votes. The S&P 500 ETF Trust (SPY) has seen significant gains, up 25.6% over the last year and 7.8% year-to-date in 2024. Bitcoin's performance has also been strong, with a 113% increase over the last year and a 46% rise year-to-date, buoyed by optimism around Bitcoin ETFs and the upcoming Bitcoin halving.
April 15, 2024 | 6:42 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Bitcoin is up 113% over the last year and 46% year-to-date in 2024, driven by optimism around Bitcoin ETFs and the upcoming Bitcoin halving, despite losing to the S&P 500 in a recent buy-the-dip poll.
Bitcoin's significant gains over the past year and into 2024 can be attributed to the approval of Bitcoin ETFs and anticipation of the Bitcoin halving event. Despite being slightly less favored in the Benzinga poll compared to the S&P 500, Bitcoin's strong performance and its role as a safe haven during stock market uncertainties position it for potential short-term growth.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
The S&P 500 ETF Trust (SPY) is up 25.6% over the last year and 7.8% year-to-date in 2024, reflecting strong performance despite concerns over inflation and potential Federal Reserve rate decisions.
The S&P 500 ETF Trust's performance, as indicated by its year-to-date and annual gains, suggests resilience and attractiveness to investors, especially in light of recent inflation data and its potential impact on Federal Reserve rate decisions. The poll's outcome, favoring the S&P 500 as a buy-the-dip opportunity, could further bolster investor confidence in SPY, potentially leading to short-term price appreciation.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90