Crypto Market Down Today—Did WazirX Case Caused June 4 Meltdown

Crypto Market Down: WazirX Case, Vitalik Buy, Elon Tweet, Trump Wallet

The crypto market down today is making headlines, and investors are looking for answers. With big names like Elon Musk and Vitalik Buterin making bold moves—and fresh controversies shaking public trust. Let’s break down the top five news stories from June 4, 2025.

Elon Musk’s Tweet Sparks BTC Rumors

Elon Musk criticized a new Republican tax bill, calling it a “disgusting abomination.” The bill proposes $3.8 trillion in tax breaks and bans states from making AI rules for 10 years. Elon Musk Bitcoin tweet sparked fears of inflation and central control—two key arguments in favor of $BTC.

This led to speculation that Tesla may add more BTC to its portfolio. Tesla now holds 11,509 BTC, but trails far behind MicroStrategy. Still, Musk’s influence alone caused a market stir.

Trump Wallet Announcement Drama Goes Public

A post from MagicEden and GetTrumpMemes announced a new project called the $TRUMP Wallet, claiming it had links to the Trump family. Within hours, Eric Trump and Donald Trump Jr. denied any involvement, stating it’s a fake project.

Eric said he had “no knowledge” of it, while Barron Trump also posted that the family was not involved. They’ve even hinted at legal action.

Vitalik Buterin Ethereum Buy—What’s Behind It?

Ethereum’s co-founder Vitalik Buterin is in the news after he bought 296 ETH worth $783,000. Later, he sent $1.83 million in ETH and USDC to Railgun, a privacy-focused platform, according to Lookonchain data. He didn’t use his main wallet—he used a different wallet to keep the transfer private.

Buterin has always supported privacy in cryptocurrency, but such a big transaction has the community asking: Why now? Around the same time, a whale purchased over 108,000 ETH in a large OTC trade. The timing of these events is adding to the overall tension in the market.

U.S. Jobs Data Boosts Wall Street, Not Cryptocurrency

In traditional finance, the U.S. job opening news gave markets a boost. Job openings unexpectedly rose, helping the S&P 500 inch closer to 6,000, as per Wu Blockchain report. Bitcoin managed to stay above $105K, but the gains didn’t carry over to altcoins or the broader market.

While this should be positive news, investors remained cautious. For many, this created a disconnect—raising questions about why crypto market is down today despite strong economic signals.

WazirX Loses Court Battle in Singapore

Indian-origin exchange WazirX, now rebranded as Zensui, suffered a legal blow today.The Singapore High Court said no to WazirX’s request to fix its debt. This happened as rules are getting stricter for crypto companies working from outside the country. The company now has until June 30 to either get a license or shut down.

Because of this decision, many users are now worried about their money. People in Asia started selling their currencies quickly, afraid they might lose their funds.

Final Thoughts: What Caused the Crypto Crash?

The crypto market down today is the result of multiple things happening at once—unclear legal moves, privacy shifts by top developers, false project launches, and high-stakes rumors. 

But, in my opinion, crypto has survived worse. If you’re wondering why did crypto crashed, remember: behind every dip is a new opportunity. So now may be a good time to invest, but always do your own research first.