Question about profits from DEX’s and NFT’s

Im in an awkward tax situation where I made some profits off DEFI, but am unsure how to calculate the taxes. I made profits off Cardano swaps on DEX’s as well as NFT flipping. My question is if I swap from ADA to token B on a DEX and swap it back to ADA. Will the profits be taxed in dollars or ADA? Since I made the profit in terms of ADA and held it till now, the price of ADA has fallen drastically. Does that mean when I sell the ADA I profited to USD, I can write that off as a loss?

For example:

On Feburary 12 the price of ADA is $0.50. I swap 1000 ADA to 2000 Sundae tokens. I then sell the 2000 Sundae tokens for 1200 ADA, netting me 200 ADA in profit, or $100 dollars. Now lets say I hold these 200 ADA profit till today, where the price of ADA has fallen to $0.25. I then sell these 200 ADA profits on a CEX for $50 profit.

How should I handle the taxes on the above scenario? Thank you in advance for your input.

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