The cryptocurrency market saw liquidations surpassing $197 million as the price of Bitcoin dropped below $60,000. This significant plunge in value caused a major sell-off in the market, leading to a high number of liquidations. Investors were forced to sell their assets at a loss in order to cover their positions. The volatility in the market has caused concerns among traders as they closely monitor the situation. The future of Bitcoin and other cryptocurrencies remains uncertain as market conditions continue to fluctuate.