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Bitcoin was trading 2.53% higher on Wednesday morning, breaking the $47,000 mark.

According to Coindesk, the price was around $47,120 per coin, while rivals Ethereum and Dogecoin were trading at $3,400 (+1.79%) and 24.2 cents (+1.46%) per coin, respectively.

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Since last week – when bitcoin traded at $43,000 per coin, it steadily increased to $47,000 early Wednesday.

Bitcoin Boosts Cryptocurrency Debate in El Salvador

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In bitcoin news on Tuesday, the City of Miami Commission on Monday voted in favor of accessing about $5 million worth of MiamiCoin — a Miami-specific cryptocurrency — and counting.

For every MiamiCoin that people use (or create), a base cryptocurrency called Stack, which has its own token, Miami receives money that elected leaders can use to improve the quality of life of city residents .

Miami Coin is the first Citicoin, a city-based token, with plans to expand to cities other than Miami, although Citicoin has no partnership with Miami. Instead, the cryptocurrency is completely community-sourced and community-driven.

In other bitcoin news, the owner of Major League Baseball’s New York Mets, billionaire Steven A. Cohen is set to invest in a new cryptocurrency trading firm, the latest bet on the digital-asset market by a major Wall Street investor.

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According to firm executives and a spokesperson for Cohen, the hedge-fund manager agreed to make an initial investment in Redcall, a quantitative-trading firm specializing in digital assets.