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BTC Liquidated Long: - $110K at $117500.10
One or more traders took a long position in BTC — meaning they thought the price of Bitcoin would go up. But the market went in the opposite direction and their position was liquidated at $117,500.10, meaning the position was forcibly closed.
◾This liquidation resulted in a loss of $110,000 worth of BTC.
A long position means: the trader thinks the price of BTC will go up, so he buys with debt or margin.
If the price goes in the opposite direction, it goes down. Because of this, at some point the exchange will auto-cut it from his account, meaning it will liquidate.
◾What effect could this have on the market?
This shows that a large amount of money was at risk.
Large liquidations can make the market more volatile.
This can also be a bearish signal. If a lot of long positions are liquidated at once.
In short:
A trader opened a long position on BTC at $117,500.10, which was liquidated at $110K. This means the market went the opposite way, and he suffered a large loss.