This will hurt the market in general for sure ! Although most of Bitconnects users know that this is a big SCAM, ponzi scheme- they don't mind, as far as referral bonuses pour in.

This kind of scammy projects diminish the faith in blockchain and crypto in general. However in my opinion January is going to be a pretty rocky month for crypto. Not to mension the WEF meeting later this month.

If you are interested, you can read for the WEF meeting HERE