stocks closely tied to bitcoin ended the day underwater as the reverberations from the apparent collapse of the ftx exchange roiled the digitalasset sector but many of the equities had milder declines than the 886 slide in the original cryptocurrency there are several potential reasons for this performance perhaps starting with luck markets in the us closed around the exact same time that binance decided to walk away from its planned acquisition of troubled crypto exchange ftx in the hour since the deal fell through bitcoin slid 5 to fall under 16000 for the first time since november 2020 that decline has the potential to weigh on the market on thursday additionally bitcoin is less tied to the fortunes of sam bankmanfried the former billionaire founder and ceo of ftx and the exchange’s native ftt token solana’s sol and srm the governance token used in ftx’s decentralized exchange serum which runs on top of solana those assets are down 68 46 and 59 respectively over the past 24 hours as powerful as ftx was in the industry by nature of its business as a crypto derivatives platform geared toward nonusinstitutions it was not seen as a major proxy for mainstream crypto sentiment in the way as coinbase the usbased exchange is only down 302 on the day the biggest losers during among publicly traded crypto brokers today were robinhood and bakkt falling 972 and 710 respectively bitcoin proxy stocks such as miners and microstrategy which is seen by investors as a leveraged etf offered a mixed picture marathon digital holdings was positive on the day up 362 and riot blockchain and hut8 fell but beat bitcoin by only losing 171 and 753 respectively further down bitdigital clearspark stronghold digital and microstrategy all underperformed bitcoin major metaverse stocks also seemed to be largely unimpacted by today’s trading the only stock to underperform bitcoin was roblox which fell largely due to disappointing q3 earnings that were released this morning