Specifically, Binance will likely be paying a fine to the SEC, possibly in the range of a billion or two dollars.

If you hold any Binance tokens (e.g., BUSD, BNB, and half a dozen other ones) on Binance, pretty much the only (sane) way out is to dump (trade) them for bitcoin and withdraw bitcoin. Win Binance being the largest exchange, that puts an upward pressure on their BTC/USD exchange rate, and ultimately thanks to arbitrage traders, and upward pressure on the global BTC/USD exchange rate.

But also, there has been a loosening of financial conditions -- meaning risk assets like bitcoin are being bought.