What's Going On With GameStop Stock Today?

GameStop Corp GME shares are trading lower Wednesday amid overall market weakness as investors assess the incoming results of the midterm elections. Several crypto-related names are also moving lower on new developments related to the financial standing of cryptocurrency exchange FTX.

FTT, the native token of FTX, began facing significant selling pressure after Binance CEO Changpeng Zhao said he would offload his FTT holdings on FTX over "recent revelations that have come to light."

Binance signed a letter of intent to buy FTX on Tuesday, but new reports suggest that Binance is "very unlikely" to proceed with its proposed acquisition of FTX. Crypto markets are falling in response to the reports. 

In early September, GameStop enetered into a partnership with FTX in order to "introduce more GameStop customers to FTX's community and its marketplaces for digital assets." The financial terms were not disclosed. 

The GameStop NFT Marketplace also just launched at the end of October. 

GameStop shares may also be trading lower in sympathy with AMC Entertainment Holdings Inc AMC, which fell after the company reported third-quarter results. Both GameStop and AMC are extremely popular among retail investors. 

GME Price Action: GameStop has a 52-week high of $63.05 and a 52-week low of $19.39.

The stock was down 12.5% at $22.01 at time of publication, according to Benzinga Pro.

Photo: JJBers from Flickr.