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Question about Changing Passphrase

In Bitcoin Core, the previous password is required in order to change to a newer password. Is this previous password used simply as a proof-of-ownership key (that doesn’t do anything but show proper access), or does it have any part in changing the password through a method of decryption or something along those lines?

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin82,415 0.61 % 0.54 % 0.56 %
Ethereum5,571.0 0.37 % 3.08 % 7.87 %
Binance Coin652.47 0.47 % 1.24 % 4.10 %
Tether1.350 0.39 % 0.58 % 0.34 %
Cardano2.910 0.24 % 0.42 % 0.84 %
Solana265.06 0.04 % 2.24 % 24.99 %
XRP1.470 0.11 % 0.04 % 3.82 %
Polkadot59.07 0.10 % 0.39 % 5.05 %
Dogecoin0.3354 0.05 % 1.76 % 4.93 %
USD Coin1.350 0.38 % 0.56 % 0.39 %

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