News has emerged that the Vancouver Bitcoin investment plan was rejected. The city mayor Ken Sim's proposal to invest city reserves in Bitcoin was ultimately found to be not permitted under BC provincial law, according to an official staff report.

According to the BC Municipal Finance Authority Act and Vancouver Charter Section 201, the types of financial products local governments can invest in are very limited. Specifically, federal and provincial government securities, municipal bonds, bank deposits, and high-grade commercial paper, which are conservative assets. Cryptocurrencies like Bitcoin are clearly outside the scope. The staff's conclusion is clear: "Bitcoin is not an authorized investment asset for the city."

However, what's interesting is that it wasn't completely dismissed; some options remain. The idea of Vancouver accepting Bitcoin for tax and fee payments, with the condition of immediately converting to Canadian dollars, is still under consideration. In other words, investment is not allowed, but using Bitcoin as a payment method might still be possible.

Looking at this news, I think that institutional and municipal adoption of cryptocurrencies faces quite strict regulatory frameworks. On the other hand, how is the market doing? XRP recently dropped sharply from $1.36 to $1.33 amid high trading volume. The current price is $1.33, down 1.18% in 24 hours. Trading volume is $20.87 million.

This decline is not just due to liquidity issues; there is clearly strong selling pressure. It broke below the $1.35 support, and the resistance zone from $1.40 to $1.41 has become a new barrier. The weak follow-through on rebounds and decreasing trading volume suggest sellers are still dominant. If it drops below $1.33, the risk of further decline increases.

Aside from regulatory developments in BC, the market's technical trend remains bearish.