A massive wildfire broke out in Los Angeles, burning continuously for three days since the 7th, with the fire declared completely out of control on the evening of the 9th.
Trump blasts California governor demanding his resignation for cutting $17.6 million from the Los Angeles Fire Department budget, leading to insufficient capacity and resources to respond.
Even more unfortunate, Los Angeles faced the 'devil wind' nearly simultaneously, with a level 12 wind making landfall on the 8th, exacerbating the fire's intensity and causing the disaster to spiral completely out of control!
CNBC estimates based on data from private meteorological forecasting agencies suggest that the initial property damage caused by this wildfire could reach between $52 billion and $57 billion.
If the wildfire spreads further into densely populated areas, the scale of losses is expected to expand.
A senior meteorological analyst at Aquaveda, Jonah Sanport, said: 'If more buildings are burned in the coming days, in terms of economic loss, this could be the most severe wildfire in modern California history.'
Wall Street investment bank JP Morgan Chase stated in its analysis of the wildfire losses that the compensation amount paid by insurance companies will reach around $10 billion.
According to estimates from financial asset consulting firms, over 456,000 residential units in the Los Angeles area are within the wildfire impact zone, with reconstruction costs expected to reach $300 billion.
It is worth mentioning that the decline of the cryptocurrency market also began on the evening of the 7th, and it has continued to weaken in the market trends over the past two days.
Does this signify that the California economy is burning while simultaneously the market value of cryptocurrencies is also burning?
As the wildfire continues to wreak havoc, cryptocurrency enthusiasts also need to pay attention to this month's CPI data and whether the non-farm data will cause fluctuations that could increase risks in the cryptocurrency market.