Bitcoin cocks a snook at China’s cryptocurrency ban

China’s fiercest shot yet across the bows of the cryptocurrency world appears to have left investors mostly unruffled.

Though Bitcoin and some of its peers tumbled Friday after the People’s Bank of China issued a statement banning crypto transactions and vowing to root out the mining of digital assets, they have largely rebounded since. Bitcoin rallied close to $44,000 Monday, near the level it was at before China’s announcement. Ether broke above last week’s $3,100 level.

“There does appear to be buying support for both Bitcoin and Ether coming online as market participants digest the information,” Fundstrat strategists said late Friday as the coins began retracing their losses.