Research from TradeBlock shows that the inverse relationship between the price of bitcoin and gold has become stronger. This means that the recent price drop in bitcoin was not attributable solely to Mike Hearn's announcement that "Bitcoin is Dead". Perhaps the falling price was compounded by broader macro events that drove gold up ~5%, off of 6-year lows
In August 2015, we published an analysis that highlighted the correlation between the price of bitcoin and various other financial markets. Notably, we found a strong inverse relationship between bitcoin and gold prices. As noted in August, “the historical positive correlation with gold has turned decisively negative, and currently stands at -0.58.” Given the dramatic impact macro indicators such as those outlined previously could have on the relatively small bitcoin market, we elected to revisit the analysis with data extended up to present day. Notably, the gold-bitcoin inverse relationship not only continued, but actually amplified. The trailing 12-month correlation coefficient now stands at -0.70, among the highest of all financial assets included in the analysis.
https://tradeblock.com/blog/bitcoin-correlations-to-macro-environment-gold-and-yuan-standouts
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