Swissquote Cuts Forecasts as Cryptocurrency Revenue Plummets

Swissquote Group, the Swiss banking group behind SQN stock, cut its full-year forecasts after a weak performance in its cryptocurrency segment.

The company reported a net income from cryptocurrencies for the first six months of $18 million, down 66.2% compared to the same period last year.

Trading activity also dropped significantly, with cryptocurrency transaction volume decreasing by 63.5% to 2.58 billion Swiss francs, or about $3.2 billion.

The decline in cryptocurrency prices had a major impact on trading activity and revenue, with Bitcoin falling 33%, Ethereum dropping 47%, and the CoinDesk 20 index plummeting 40% during the six months ended June 30.