A cryptocurrency is a digital asset that uses cryptography, an encryption technique, for security. Cryptocurrencies are primarily used to buy and sell goods and services, though some have additional smart capabilities. Most cryptocurrencies are not backed by another commodity, such as gold, and are typically not considered legal tender. They are also generally issued by private organizations. Crypto trading is most common among men aged 18 to 29, of whom 43 percent said they had invested in, traded or used a cryptocurrency, according to a Pew Research Center survey in September. Overall, 16 percent of U.S. adults said they had. Cryptocurrencies saw huge losses on Thursday, with Bitcoin plummeting by over 9% on the day. Many crypto traders are already calling the sudden drop a flash crash. crypto capitalization list The exact reasons behind this abrupt move lower are somewhat unclear, and various theories are currently circulating regarding what drove the declines.