The cryptocurrency market is booming, and its growth shows no signs of slowing down. Even though there is a lot of excitement, many people are still wondering about the best time to get involved, the best way to approach it and how to prepare. Richard Teng, a CEO at Binance, has shared his thoughts, offering a different take on the hype.

Long story short, Teng is convinced it is better to plan ahead than to act on impulse right now. His recommendation is simple: do your homework before you jump in. He says it is important to understand the market’s details and to think long term when you are considering investing. If you are tempted by quick gains, he suggests you proceed with caution and careful planning.

The numbers tell a pretty impressive story. In just two months, the cryptocurrency market cap — measured by the TOTAL index — has seen a 58% surge, reaching an all-time high of $3.68 trillion. 

Altcoins, which exclude Bitcoin (BTC) and Ethereum (ETH), have done especially well, with their combined market cap rising 92.41% to $1.16 trillion. Even Bitcoin itself recently reached an unprecedented $106,648. These figures show how quickly the sector is growing and how attractive it is to investors, both new and experienced.

Binance running numbers as FOMO kicks in

Binance plays an absolutely crucial role in this ecosystem. As the first crypto exchange to surpass $100 trillion in lifetime trading volumes earlier this year, it is clear that it has a significant influence. With nearly 250 million users, $182 billion in total assets and $26.6 million in daily trading volume, the platform has a huge reach. 

These achievements show not only how big Binance is in terms of operations but also that more and more people around the world are interested in digital assets.

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Teng’s insights are a good reminder that rapid market growth and rising valuations come with their own risks. His advice to think ahead, not just react to market trends, reflects a broader philosophy of taking a considered approach. 

In the video, Musk appears to announce a surprise crypto giveaway, claiming, “I’ll be doing a $20 million crypto giveaway at Elon4u.com for one week starting December 13,” urging viewers to act fast and participate. The clip presents Musk as inviting people to take part in the giveaway, reassuring them that the process is quick and easy.

However, the video was soon debunked as a deepfake. A post from DogeDesigner, a well-known figure in the crypto community, quickly circulated on X (formerly Twitter), warning followers about the scam. “Elon Musk and his companies are NOT doing any crypto giveaways. Don’t fall for scams! Stay safe,” the post emphasised, urging people not to be deceived by the fake video.

Rise of Deepfakes

This incident highlights the growing risks posed by deepfakes, which can convincingly replicate the voices and appearances of public figures. Experts warn that scams using deepfakes are becoming more sophisticated, making it essential for users to double-check such claims from trusted sources.

In recent years, cryptocurrency scams have been on the rise, often taking advantage of high-profile figures like Musk to create a sense of legitimacy. With deepfake videos becoming more prevalent and realistic, the ability to distinguish between authentic content and manipulation is increasingly challenging for the public.

While Musk has not publicly commented on the deepfake incident, his reputation as a target for online scams, including fake giveaways, is well-known. In the past, similar fraudulent schemes have leveraged his name and social media presence, causing significant concern among his followers.

The Elon4u.com website featured in the video is now under scrutiny, with experts advising internet users to avoid visiting suspicious sites and to report any potentially harmful content.