Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized networks based on blockchain technology, which is a distributed ledger enforced by a network of computers (nodes). Cryptocurrencies are designed to work as a medium of exchange, allowing for secure and anonymous transactions over the internet without the need for a central authority, such as a bank or government. They can be used for various purposes, including buying goods and services, investing, or transferring value across borders. The most well-known cryptocurrency is Bitcoin, but there are thousands of others, including Ethereum, Ripple, and Litecoin. Each cryptocurrency has its own unique features and underlying technology.
### Understanding the Recent Cryptocurrency Downturn The cryptocurrency market faced significant turmoil as major digital currencies experienced steep declines, partially mirroring a downturn in stock futures. Bitcoin saw a drop…