Axios

Crypto markets are reeling as the long-dreaded Mt. Gox BTC starts moving to third parties for repayment to former users of the defunct exchange.

Why it matters: It's billions of dollars' worth of bitcoin that could go out for sale, dampening price.

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What we're watching: A new installment to a classic '80s action comedy, Emma Roberts playing a woman trying to fake it until she makes it, and a movie based on a reality show parody.

Venture capital activity in crypto is a comeback story, s l o w l y gathering steam after the 2022-2023 slump.

Why it matters: The crypto VC market continued to rebound in the second quarter even though bitcoin's performance wasn't as strong.

• That's according to Galaxy Research, citing founders and investors saying April to June was a more active fundraising environment than prior quarters.

Between the lines: "Allocators may be preparing to return in earnest due to the resurgence of liquid crypto," Galaxy Research's Alex Thorn and Gabe Parker wrote in their report, saying that could lead to greater VC activity in the second half of the year.

Speculative traders are increasingly lining up behind Vice President Kamala Harris, betting that she will prevail over President Biden for the Democratic nomination.

• They turned on Biden quickly after last week's debate debacle.

Zoom in: Odds on Harris hit 42% today on Polymarket, edging out Biden.

• FWIW — our politics colleagues say she'd be unbeatable for the nomination if Biden stepped aside.

The other side: Meanwhile, the odds of Biden dropping out of the race surged to 66% and have been rising since the debate.

The labor market is showing signs of weakness, with employers easing hiring and a rising share of jobless Americans.

Why it matters: The June jobs report offers the clearest sign yet that the economy is losing momentum.

The U.S. economy added 206,000 jobs in June, the Labor Department said on Friday.

Why it matters: Job gains were in line with economists' expectations, but the report showed signs the labor market is cooling off. The unemployment rate ticked up to 4.1%, the highest since November 2021.