The classic storage temperature is 55 degrees F. This came from the time when high quality wine was routinely stored for 20 more years in underground cellars or even in caves. If you store at 70 degrees F the wine will age faster. It’s life cycle will be somewhat compressed. There are those who believe that 60 degrees to 65 degrees F is a very satisfactory temperature even if you are planning on cellaring for 20 years.
The really important thing to remember is uniformity of temperature. You ruin wine by storing at highly variable temperatures. Especially if those temperature swings occur daily. A gradual temperature change from one end of the year to the next will not hurt the wine.