This concept of closed loop wire experiences a changing magnetic field and flowing of current is related to the Faraday's law of electromagnetic induction.
Why there is a current flow whenever there is a change in magnetic field in a closed loop of wire?
When ever there is a bar magnet inside the wire and the magnet moves relative to the wire there will be an EMF generated in the coil and current can be flown.
similarly by reversing the process if the magnet remains stationary and the coil is moved then again the emf and the current generated in the coil which is called as electromagnetic induction.
This is the basic principle of transformers,generators,motors .
Thus when a closed loop of wire experiences a changing magnetic field a voltage and therefore current is produced.
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