Are you taxed in this example involving crypto?

Let’s say you deposit 10k worth of fiat into a crypto exchange and convert it into Bitcoin, you then immediately change your mind sell the 10k worth of Bitcoin back into fiat and send it back to your bank account.

My question is, is this considered a taxable event?

The logical part of me says no you didn’t ‘make’ anything, while the tax man in me says it doesn’t matter as anything you ‘sell’ in the crypto world to convert to fiat is taxable.

Which one is it?

Thanks in advance.