Derived from Protos, the market for Counter-Strike 2 (CS2) digital collectibles crashed by up to 70% on Thursday following a major update by Valve Corporation. The update allowed players to exchange five Covert items for ultra-rare knives and gloves, significantly devaluing previously premium in-game items. Pricempire estimated overnight mark-to-market losses of approximately $2 billion, reducing the market cap from $6 billion to $4 billion. Some rare knives had previously sold for over $20,000, with the rarest reportedly valued at over $1 million. The update also permitted Trade Up items to be exchanged at the new ratio, further deepening the price drop. Players and collectors are expressing frustration on platforms like Reddit and Discord.
CS2 Market Cap Drops 40% Overnight After Valve Update
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