Editorial: Crypto’s improbable comeback is cause for cheer — and prudence

Even as Sam Bankman-Fried faces decades in prison at his sentencing hearing later this month, the cryptocurrency market he promoted is staging a historic comeback.

Since October, when a federal jury convicted Bankman-Fried of conducting a massive fraud, the price of bitcoin has more than doubled. The world’s leading cryptocurrency could shoot even higher next month ahead of a scheduled market event called “halving” that will reduce by half the supply of new bitcoins being produced.

Bitcoin prices have soared so high that Bankman-Fried’s old firm, FTX, which lost billions of