With the global internet-facing high loads, a few streaming services had to reduce their bit rates in order to avoid congestion. It seems that the CS:GO division of the Steam Market was also a victim of a similar problem, due to facing high server loads which had led to a serious bug.
The CS:GO Steam market had been facing problems with its listings, while some of them did not update properly others were simply missing. This had led to a rapid surge in the prices of various items and other such problems. While the community is still discussing the reason behind these problems, the majority speculates that this had happened due to the servers being under very high load since about a week now.
The problem had affected items which were sold separately, having a specific float value also known as ‘non-commodity items’, like a weapon skin, an agent, an individual sticker, and such similar items. While those that do not have a pre-defined float value also known as 'commodity items' like a weapon case or a sticker capsule, were not affected by this bug.
The hike in prices was an effect of the listings not being updated due to the bug. With the users buying stuff off the market but no new listings available to replace them, the old listed items were being brought to the front and hence we observed an exponential rise in the prices of items.
But not all the items were affected by this bug, possibly due to the low activity surrounding some of them. But other items like AK-47 Redline, various agents, and other such items which are regularly spotted on the front page were heavily affected, simply due to the high volume of activity surrounding them.
Note: 'Commodity items' on the front page were an exception.
While this problem had been predominantly faced by the CS:GO domain of the market, it did partially spread over to other titles like Dota 2 and Team Fortress 2. This is not the first time that the Steam market had faced such a problem, but it was definitely the most severe in its history.
As predicted the problem came to an end with market crashing earlier in the day today, bringing the prices down back to the original value or in some cases even lower than before, and while some users who tried to make a profit off this situation might have suffered quite a bit, it was a necessary step which had to be taken by Valve.