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The Aussie Dollar a New Hits 11-year Low amidst Coinbase Bitcoin Debit Card Announcement

Published on: 02/20/20 9:55 AM

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Category: Newsletter

Coinbase now has the right to issue Bitcoin debit cards powered by Visa, owing to their membership acceptance by Visa. Users can use the cards to liquidate their Bitcoin, XRP, USDT, and some other digital assets on ATMs that accept Visa cards. Meanwhile, the Aussie dollar is now trading in red as it hits its 11-year low. Forex Broker comparison service FXBrokerFeed brings you the latest trends and latest news bites in the FX Broker Market, featuring Coinbase Bitcoin debit card announcement and AUD/USD price drop.

Visa Awards Right to Issue Bitcoin Debit Cards to Coinbase

February 19, 2020, was a joyous day for most cryptocurrency enthusiasts following Coinbase’s announcement. The company announced that it now has the right to issue Bitcoin debit cards to users. According to a report published on Forbes website, Visa issued the said right to issue the debit cards in December, but Coinbase waited until now to make it public. The card is meant to reduce the cost of obtaining a card that allows users to liquidate their digital assets. Forbes reported Zeeshan Feroz, Coinbase UK CEO, to have stated that the card will help change the perception that cryptocurrency is tucked away and takes days to access. The CEO also added that users can now spend cryptocurrencies in real-time. The direct access to Visa Network makes the business model most crypto exchanges pursue more flexible. Digital assets that users can liquidate with the debit card include Bitcoin, Ripple, Ether, and some few others.

AUD/USD Price Hits 11-year Low

The AUD/USD pair recorded its lowest price in 11 years this third week of February 2020, as it dropped to the 0.6630 price mark. Data released on Wednesday reveals that last month’s unemployment rate skyrocketed to 5.3% and that the Reserve Bank of Australia’s rate beat expectations in the market. The news threw the Aussie dollar under the bus, as its price crashed back into the red.

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