Back in August 2015, the research team of Tradeblock, a provider of execution and analysis tools in the cryptocurrency sector, found a significant inverse correlation between bitcoin and gold prices. They noted back then that “the historical positive correlation with gold has turned decisively negative, and currently stands at -0.58.”
Tradeblock decided to conduct more analysis on data up to the present day, and found that the gold-bitcoin inverse relationship intensified. They determined that “the trailing 12-month correlation coefficient now stands at -0.70”, which is the one of the highest of all financial assets in their analysis. That inverse relationship is fairly in the following chart:
Tradeblock also increased the list of assets in the analysis, adding global currencies, CNY, EUR & GBP, to existing equities and Treasury securities over the same 12-month period. Apparently, the Chinese Offshore Yuan (in USD terms) showed the strongest correlation to bitcoin with a coefficient of +0.72.
The research team also noted that was no correlation betweem the price of bitcoin and the VIX Index, a measure of the implied volatility of S&P 500 options, and equity indices in both China and the US.