The Nasdaq 100 index and Bitcoin have been moving in the opposite direction in the past few weeks. The tech-heavy Nasdaq 100 index has climbed to the highest level since April last year, with a growth of nearly 40% from its lowest level this year. In contrast, Bitcoin has been stuck at the important support level at $25,200, crashing by around $6,000 from its highest point this year. In the past, Nasdaq 100 and Bitcoin had a close correlation since they are often seen as high-risk assets.

The primary reason for this shift is the ongoing regulatory crackdown in the United States. The SEC recently filed a major lawsuit against Binance, the biggest company in the industry, followed by another against Coinbase, the biggest US-based company. The SEC accused them of deceptive practices, commingling funds, and offering services illegally.

The Nasdaq 100 index is soaring due to fear of missing out (FOMO) and the ongoing artificial intelligence (AI) hype. Companies such as Nvidia, Tesla, Broadcom, Amazon, and Palo Alto Networks, which are all investing in AI, have seen their share prices jump by more than 180%, 110%, 70%, respectively. As a result, investors are rotating from the high-risk crypto industry to stocks, which are seen as less risky.

Despite this, the crypto industry is expected to bounce back later this month as the regulatory concerns ease. It is likely that the cases will take a long time to be concluded. To buy Bitcoin, one can do so using an online exchange, a cryptocurrency ATM, or a local broker.