China, which accounts for over half of global Bitcoin production, is now cracking down harder on cryptocurrencies. China’s multiyear assault on the industry reached its peak last Friday with the central bank designating crypto-related transactions as illicit financial activity. The country’s economic planning agency also sought to root out crypto mining to meet carbon goals. There’s quite a bit of history here. In the first phase of Bitcoin’s rise since its 2009 inception, China was the base for the biggest miners and exchanges as well as a horde of active speculators. There were also signs people used digital currencies to...