It actually had an effect but not a significant one.
Binance is not Bitcoin. If Binance should crash today Bitcoin will still be alive. Binance is just another operator in the market, but a very big player.
That aside, I believe if the assets were actually frozen, it would have had a bigger effect on Bitcoin.
Binance argued that if their assets are frozen it would mean passing a sentence before the court even passes a judgment because freezing of their asset would mean they won't have any money to run their business while the case is in court.

I get that SEC is just doing its job, but this all looks like a coordinated attack at this point.