Bitcoin fell around 1.7% on Monday as stocks pared early gains fueled by hopes of a diplomatic resolution to the US-Iran war.

Bitcoin (BTC) returned below $77,000 after Monday’s Wall Street open as crypto shrugged off hopes of a US-Iran peace deal.

Data from TradingView showed BTC/USD extending daily losses to 1.7% after reaching a local high of $78,750 after Sunday’s weekly close.

Comments on Iran from US Secretary of State Marco Rubio sparked a sharp retreat in oil prices as markets priced in higher odds of a non-military resolution. Previously, President Donald Trump had suggested that military strikes could return around the US midterm elections on Tuesday.

Speaking to reporters, Rubio said Trump would like to end the conflict “diplomatically.”

“He hasn’t made a decision… what the president expresses to you is incredible confidence that if we needed to do something militarily, we would have the ability to do it, and we really we have everything we need to be successful. But we would prefer to do it peacefully,” Rubio said, according to CNBC.

US WTI crude oil was down over 7% on the day at the time of writing near $96.50 per barrel, after touching $95.15, its lowest level since Oct. 15. Brent crude was 9% lower at around $103.30.

US stocks opened higher as traders reacted to the news, but upside for both the S&P 500 and tech-heavy Nasdaq Composite Index was soon tempered ahead of third-quarter earnings reports from Apple and Palantir. Last week, earnings figures and Q4 projections sparked downside volatility across risk assets and precious metals as fears over AI expenditure returned to the fore.

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