Bitcoin and S&P 500 are down: which one did Benzinga users choose to buy the dip? -SPDR S&P 500 (ARCA:SPY) -Benzinga

Last week’s trading week saw stocks and market indexes like the S&P 500 fall after inflation data came in higher than expected, suggesting possible rate cuts from the Federal Reserve could be delayed until later in 2024.

Leading Cryptocurrency Bitcoin (CRYPTO:BTC) also fell during the week due to this market dynamic.

So, between the general market index and the cryptocurrency at the top, which asset is the better opportunity to buy the dip?

Investing in Bitcoin, S&P 500: The term buying the dip refers to purchasing assets when prices have experienced a short-term price decline.

Often, a decline presents a buying opportunity for assets that are likely to perform well over the long term. Benzinga recently surveyed its users to ask which asset is the best buying opportunity right now.

“What is the best dip buying opportunity right now?”

The results were as follows:

• S&P 500 Index: 54%
• Bitcoin: 46%

The S&P 500 narrowly beat Bitcoin in the poll, meaning more investors surveyed see a better near-term buying opportunity in the main U.S. stock index.

Related Link: Market Turmoil Resumes as Inflation Rises More Than Expected, Oil Prices Climb and Gold Hits Record Highs: This Week in the Markets

Why it’s important: The S&P 500, followed by the S&P 500 ETF Trust (NYSE: SPY), has hit multiple record highs in 2024. The tracking ETF is currently up 25.6% over the past year and 7.8% year-to-date in 2024.

For the broader stock market and the S&P 500 Index, higher inflation, delayed rate cuts and intensifying international conflicts could limit near-term gains as investors weigh the implications for the year ahead. come.

As macroeconomic factors take center stage and international tensions intensify, the stock market’s string of recent record highs may ease.

Bitcoin is up 113% over the last year and 46% year-to-date in 2024. Optimism for Bitcoin has increased in 2024 thanks to the approval of Bitcoin ETFs and ahead of the next Bitcoin halving.

Occurring approximately every four years, Bitcoin halving events have often caused the leading cryptocurrency’s prices to rise.

Bitcoin is often seen as a safe haven, attracting investors during times of stock market uncertainty, making it a key asset to watch in the coming weeks.

The study was conducted by Benzinga from April 12, 2024 to April 15, 2024 and included responses from a diverse population of adults 18 years or older. Participation in the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 322 adults.

Read next: Investing expert predicts 13% drop in S&P 500 by year-end with 4,500 target: ‘We don’t see the rationale for higher multiples’

Image generated using artificial intelligence via Midjourney.