From what I have read on the matter, yes. If you made gains on one crypto and converted that into another, you own tax on the gains of the first one. How does

From what I have read on the matter, yes. If you made gains on one crypto and converted that into another, you own tax on the gains of the first one. How does loss account in this situation? Suppose some crypto has fallen and I am in loss - does this 'loss' (at current valuation) help reduce the tax liability?